Finder's pick: Aspiration Spend & Save Account
- $10 minimum deposit to open
- Unlimited cash back rewards
- No monthly fee unless you choose to pay
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A digital bank with an environmentalist twist.
BankPurely is a green bank with a clear conscience. It supports various charities focused on human and eco-related causes, it’s PayItGreen certification means it uses the least paper possible in order to reduce waste. Plus, BankPurely has a small carbon footprint thanks to its lack of physical branches.
Earn cash back for shopping at socially-conscious businesses.
This ethical bank account is a checking and savings account rolled into one. Aspiration donates 10% of its profits to charity each year, and it pledges to never use your money to support fossil fuel projects, political campaigns or firearms.
Open a basic savings account with this certified B-corp.
Mascoma Bank is a Certified B Corporation that donates 10% of its profits to charity each year. It gives all of its employees paid time off to volunteer in the local community and 42% of the bank’s board members are women.
This bank matches your earned interest and donates it to charity.
Open a Give-Back Savings account and support a cause that matters to you. Each month, Amalgamated Bank matches half the interest earned on your account and donates it to a charity of your choice. So, if you earn $20 in interest, the bank donates $10.
An institution focused on sustainability and financial literacy.
Clearwater Credit Union is an ethical institution dedicated to protecting the environment and helping families in need. It works to reduce its carbon footprint and provide equal pay for its employees.
Ethical savings accounts help you make a positive impact on society while working toward your savings goals. We narrowed down our list of the best ethical savings accounts by looking into key factors such as social impact, bank values, interest rates, fees, eligibility requirements and more.
For 2020, we added a list of the five best ethical savings accounts, so you can support institutions whose values align with yours. While there are other financial insitutions that support charities and provide donations, they didn’t have an ethical account that directly tied to it.
An ethical savings account can be the following things:
Banks that offer ethical savings accounts structure their products in the same way as other financial institutions. Depending on the type of product you choose, the money you deposit will attract interest and fees based on your daily balance.
John wants to open a savings account but is concerned about how his money while it’s in the bank. After comparing various institutions he finds a few that work to have zero impact on the environment. Nothing that the interest rates and other features match what other banks offer, he chooses to save with a bank that also donates a percentage of his annual average balance to a registered charity or community organization.
There are a number of ethical causes being supported by various banks and other financial institutions, allowing you to choose one that impacts an issue you feel most passionate about:
Localized banks and credit unions can make a choice to only invest in local businesses and causes that directly affect the community.
Ethical banks who focus on the environment will research their business partners and customers thoroughly to ensure that they are not participating in any practice that is polluting the planet or causing damage to natural resources.
Certain ethical savings accounts may make efforts to support institutions that protect and preserve wild and domestic animals.
If you feel passionate about the beliefs of a particular political party, you can find an ethical savings account that financially supports the same group.
Whether you’re looking for your first account or thinking of making a change, consider the following when searching for the best ethical savings account:
Ethical savings accounts can help you make a positive impact on society while working towards your savings goals, but it can be tough to determine which one is right for you. We narrowed down our list of the best ethical savings accounts by looking into key factors such as social impact, bank values, interest rates, fees, eligibility requirements and more.
You might need to do some extra research to find a financial service provider whose ethics line up with your own, but once you do, you can feel good knowing that you’re saving money and supporting a good cause at the same time.
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