There are 4 ways you can align your money with your values:
We’ve been getting a ton of questions around socially responsible banking, so today we’re going to get into #2, who you bank with. Socially responsible banks ensure that the money deposited into your bank account gets used in ways that create positive environmental and social impact. Many people are becoming concerned about whether or not their banks are supporting their values. For us it started in 2016 when we found out that our banks were financially backing the Dakota Access Pipeline. Ever since then we’ve been thinking about switching banks and have been hesitant to take the plunge. After a bit of research, it turns out there are tons of great alternatives! We wanted to share with you what we’ve found. Here are some resources to help you find the best socially responsible bank for you.
Where to find the best socially responsible bank for you
Certified B Corps
Members of the Global Alliance for Banking on Values (GABV)
Pros of a socially responsible bank
Lower fees, higher interest rates
No or low minimum account sizes
Your deposits are insured
Your money supports causes you care about and doesn’t go towards things you are against
A few socially responsible banks to consider
Certified B Corp and member of the Global Alliance for Banking on Values (GABV)
“Aspiration offers socially-conscious and sustainable cash management services and investment products, so you can make money while making the world a better place. And, unlike the Big Banks, we don’t use your deposits to fund oil pipelines or turn your fees into campaign contributions to the politicians that work against you.”
“Aspiration donates 10% of every dollar our customers choose to pay us to charities helping struggling Americans build a better life. That makes us the financial industry’s leader in giving back.”
Certified B Corp and member of the GABV
“We are committed to environmental and social responsibility. We're net-zero and powered by 100% renewable energy, and we have a long, proud history of providing affordable access to the banking system, supporting immigrants and affordable housing, and being a champion of workers' rights.”
“We work side-by-side with over 1000 unions to get what's best for teachers, steelworkers, firefighters and others keeping us safe, smart and strong. We oversee $40 billion in custody and investment assets under management, support the development and financing of community housing for community workers, have even given strike loans to workers walking picket lines. And yes, you just might see us out there walking with them.”
Certified B Corp, member of the GABV, certified CDFI, and also a Public Benefit Corporation
“The bank accomplished a lot in 2019: We continued to support low-income consumers by providing access to convenient and affordable products and services; developed a novel affordable housing initiative that will preserve 600 units of affordable housing in the Twin Cities; and committed to lessening the carbon footprint of our loan and investment portfolio.”
“Most importantly, we were able to help empower financial wellness. We provided alternatives to payday loans and other predatory lending practices through our Fintech Partnerships Division, helped consumers establish stronger credit scores and provided financial literacy services to hundreds of local residents.”
Consumers have a powerful influence on corporations and institutions. We choose to support our banks which also means, we can choose not to support them. Even if for whatever reason, you decide that switching banks isn’t right for you, you can work on influencing your current bank to better support your values. You can start by signing the #mymoneymyplanet manifesto and they’ll reach out to your bank on your behalf to demand transparency and accountability. Read more about the #mymoneymyplanet campaign here.
Who you bank with matters. Let’s vote with our dollars! And speaking of voting, are you registered to vote in the upcoming election?
