Switch to a Green Ethical Bank Account
Just like any other regulated bank, your money is protected for money up to £85,000 or £170,000 (joint accounts) and you can switch in 10 minutes using the Current Account Switch Service. Just open your Reliance Bank account and request the switch in the app (or by phone/online) and the service will securely move your salary, regular payments and direct debits in seven days.
If you’re in debt, you can usually still switch your bank account, while paying off debt at the old bank. So don’t let that stop you switching.
This bank is regulated by the Financial Conduct Authority (FCA) and covered by the Financial Services Compensation Scheme. You get all the protection you’d expect from a high street bank, with the bonus of strong green ethics.
Triodos Bank (personal and business accounts)
Triodos Bank is Europe’s main ethical bank, and is headquartered in The Netherlands. However, it has a main branch in England (in Bristol, where calls are answered by real people – yeh!)
Join the already over 740,000 customers who have switched to this bank (including wildlife presenter Chris Packham, who uses his profile to encourage people to bank at a company that uses your money for good. This bank publishes every organisation it finances for transparency.
The Ethical Current Account includes a debit card made from recycled plastic. There is a £3 monthly fee, but this is to cover costs, so you don’t get charged for other things, like if banks send you a letter. You can bank by phone or online, and pay in cheques by post.
Your money is used to fund:
- Renewable energy
- Nature restoration
- Social housing
- Small charities
Triodos Bank never funds:
- Fossil fuels
- Fast fashion
- Weapons and ammunition
- Deforestation
You can also use ‘tap to pay’ Google Pay and Apple Pay accounts, download bank statements on the app, and find 24/7 phone support for lost cards or fraud. A cheque book is available on request.
Triodos Bank does not offer:
- Overdrafts
- Interest on current accounts (instead choose savings accounts below)
- Cash deposits in post offices
- Immediate Faster Payments (it does offer CHAPS and international payments for a £20 or £25 fee respectively).
Savings Accounts
- Everyday Savings (save from £1)
- Ethical Savings Bonds (save from £500)
- Online Cash ISA (tax-free from £10)
- Fixed Rate Cash ISA (tax-free from £1)
- Fixed Term Deposit Account (minimum £50,000)
- Business and Charity Deposit Account (minimum £50,000)
Investment Funds
Triodos Bank also offers investment funds, which are hand-picked to ensure they have a positive impact on society and the planet. These are designed to be invested in for at least five years.
All investments go up and down in value over time, so are always a risk, which is why they should be held for the long-term. Investment funds are not covered by the Financial Services Compensation Scheme.
Reliance Bank (personal/business accounts)
Reliance Bank Ltd is a different kind of bank. Offering accounts for personal and business use, it shares profits direct with the Salvation Army, a Christian charity that helps thousands of people facing homelessness across the UK.
Thanks to Reliance Bank’s financial support, The Salvation Army can keep its doors open at hostels and life-houses nationwide. Salvation Army also helps people who struggle with trauma, mental health issues and substance abuse, as well as teaching people new skills and writing job CVs.
The Cumberland: A Northern Bank to Help the Planet
If you live in Cumbria, Lancashire or Northumberland, you could swap your bank account to The Cumberland that puts the planet and people first. It has regional branches and an online account, and uses profits to fund environmental and community projects (it does not invest in fossil fuels).
You can apply online or pop into one of their branches to switch your account, and discuss the best accounts for you. Note you must live within the catchment area to apply (the bank also covers south west Scotland).
This bank also supports nature reserves, community gardens, and rural charities that restore rivers, plant trees, and make wild spaces safe for wildlife.
- Day2Day Account is an everyday account for daily use
- Cumberland Plus Current Account requires £750 a month minimum funding
- Freedom Apprentice is for young people on apprentice schemes
This bank also offers a range of savings accounts, from everyday savings and ISAs, to savings accounts for children and businesses. It also offers fixed rate and discount variable rate mortgages.
