r/ClimateOffensive • u/danglingwhalesbaybee • 1d ago
Question Ethical Banking (UK based)
Hi all, was listening to the recent Build a Better Future podcast with Michael Mezz interviewing Ayana Elizabeth Johnson and she brought up a really interesting point that I wonder if people overlook.
Banks.
They function by using money given to them by us and loan that money out to projects and pay you back some interest as an incentive to remain with them essentially.
I'd never thought about it before and have been using Monzo for probably a decade or so now and I can't lie it's pretty good.
But for the effort of spending a few hours or even a day moving accounts to something significantly more environmentally beneficial then I'd love to.
Ideally though I want to retain as much of the "modern" functionality of slick online banking.
Is there such a thing?
Any recommendations you have would be greatly recieved.
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u/tumblrsuxxnow 1d ago
yes!! I've recently taken action on this and it's a nice quick win. I've gone with co-op bank who also had a switch offer at the time, not sure if they still do. and Leeds building society for savings. take a look at Good With Money. next up is looking at my pension but that'll take more research I think
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u/tumblrsuxxnow 1d ago
Co-op bank have a nice app. LBS don't unfortunately but on the whole happy with them
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u/Radiant_Strength4091 1d ago
Triodos is the most ethical bank in the UK by a long way. Then Co-op. This is according to Ethical Consumer's ratings, and they know their stuff
I use Triodos as my main bank for current account and savings, and their app does everything I need it to. By comparison, I have a credit card with Co-op and their app is nowhere near as good.
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u/PoolEquivalent3696 1d ago
I was coming to say this. They've been fantastic for me.
If you have any pensions, you can also ask providers to put you onto their climate friendly plans too. It is an easy way to ensure your money can't be invested in oil.
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u/maiianaiia 10h ago
I have been banking with Triodos for a while and absolutely love it - their app os great, their commitment to their cause is amazing (and SO consistent and well-rounded!) and their customer service top notch
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u/LookitsThomas 21h ago edited 21h ago
I read once that the single most impactful climate action most western people could take is making sure wherever their pensions are sat, they are doing good things. More easily applied to personal pensions, but workplace pensions can also do the same (if the right pressure is applied by pensionholders).
However, once you start trying to identify which banking products are doing good for the planet, clarity and certainty around what they actually do start to become more challenging! They are happy to slap "ESG" on things, but I don't think there is any true certification of these things (yet).
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u/Sea-peoples_2013 1d ago
Does the UK have credit unions? I joined a local credit union (US) which has been great and has all the essential functions of a bank.
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u/Automatic_Bug9841 19h ago
You might find this guide useful for finding a sustainable bank in the UK!
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u/Alarming_Victory_591 17h ago
A lot of these people want to mess you around.
They don't care about hedgehogs.
Their only goal is to make you sweat and get you to dance around.
There are no perfect banks, or money.
Just find a better podcast and leave everything where it is.
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u/sungrad 1d ago
Last time I checked I think Nationwide and Coop came out near the top. Savings was being used for mortgages rather than oil and gas investment. Would be worth looking into for 2026 though.