Banking for the Planet: Where to Move Your Money
Although money covers our basic needs and comforts (and that’s good, as it leaves time to live a life to your values and not rely on others), chasing money to the end of everything else, can drain your mental health and spirit. And sometimes turn nice people into people who aren’t so nice.
Chasing ‘the dream’ can lead to missing out life. You spend your life on long commutes to earn money to pay a huge mortgage on a property that’s too big and in the wrong place. Then your relationships suffer. You never come off the treadmill. Then you retire and just before you die, realise that it’s not been worth it at all.
If I had my life to live over, I’d relax, I would be sillier than I have been this trip. I would take more chances. I would climb more mountains and swim rivers. Nadine Stair
Countries like Costa Rica have replaced GDP with The Happiness Index, which takes into account people’s quality of life, not just money. Until our government does the same, do it for yourself in daily life.
Think about:
- Your relationships
- Your environment
- Your home
- Your friendships
- Your job (
- Your free time
- Your spiritual home
Work-related stress sand depression now affects hundreds of thousands of workers each year. And many people have insomnia, racing thoughts, worry about debt and irritability, all due to the pursuit of money.
Proper health comes not from bank accounts, but from regular sleep, fresh organic food, natural movement (walking) and time in nature. Money can buy a good bed, but cannot switch off a frantic mind. And only you can build new habitats, and set kind boundaries with others, who put money before everything else.
When money is the reason, usually it ends in disaster. From marrying other people for money, to worries over over-spending, gambling and debt, the strongest relationships are based on honesty and love.
Find Joy in What Really Matters
A good life rests on purpose, people, and growth. None of these requires a huge salary. A retired nurse who volunteers at a community kitchen and says it keeps her spirit bright. A software engineer who coaches a girls’ football team on Saturdays and calls it the best hour of his week. A student who joins a local choir and discovers a new voice and new friends. A neighbour who volunteers to walk an elderly neighbour’s dog.
These choices build a rich inner life. You feel useful, connected, and alive. You remember that your worth is not your wage.
Set Goals That Nourish Your Soul
Good examples:
- Learn basic Spanish in 12 weeks, 15 minutes a day.
- Visit three coastal towns this spring, one each month.
- Read six novels this year, two from authors you have never tried.
- Train to run 5k by July, three runs a week.
Inspiration from a Moneyless man!
Mark Boyle is an Irish journalist who years ago, decided to give up money entirely for a year, and now lives in a little house that he bought with proceeds from a book he wrote: The Moneyless Manifesto. He does not suggest we all live without money, just inspire us to live with less. And realise that happiness comes from simpler living, not ‘more, more, more’.
Recently, Ben Fogle stayed with Mark for a week as part of his ‘New Lives in the Wild’ programme. Mark grows and buys food, and visits the pub to have a beer. But he has no mobile phone and no TV. When Ben told him that Harry and Meghan had left the Royal family and emigrated to the US, he not only had no idea – but only had a vague idea of who they were!
We think Mark is really inspiring, although he won’t be reading this post, because he has no Internet! But here are a few of his wise words:
If we grew our own food, we wouldn’t waste a third of it as we do today. If we made our own tables and chairs, we wouldn’t throw them out the moment we changed the interior decor. If we had to clean our own drinking water, we probably wouldn’t contaminate it.
The more we consume, the more we want. And the more we want, the more we have to work to pay for all these things and insure them. And then get stressed about them and protect them and get bigger houses. I think true freedom comes with letting go of them.
We’re convinced we need money to have friends and partners. But actually I’ve found the opposite to be true.
England has quite a few high street banks, but few of them have active screening policies, to ensure that money is not invested in fossil fuels, weapons, animal testing, cigarettes, gambling or pornography. Most tend to just ‘go where the money is’ and therefore your hard-earned cash is funding such things.
Also read about green savings and investments.
And how to set up an ethical small business account.
How to switch to a green ethical bank
It only takes 10 minutes to fill out the details, then you simply wait for the Current Account Switch Service to do the rest. Just give it all your details, and your bank account (including direct debits and standing orders) are all seamlessly transferred to your new bank.
If you are in debt, you can still switch banks, but obviously have to either keep your old account open or set up some kind of payment plan with a debt charity, until it’s paid off. But if that is going to take years, don’t let it stop you from switching to a more ethical bank, as it’s perfectly legal and possible to do so.
Check banks are 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.
Want to bank on the high street?
Many people still prefer to bank with a ‘real branch’, and as most ethical green banks are only online (or by app), you have fewer choices. But you do have some.
Bank Green says hands-down, the most ethical high street bank is Nationwide, so switch there. Next best is likely Co-op (not as green as it makes out, but it’s better than the rest).
Other options are local building societies (more savings than current accounts) and your local credit union (there are usually small pop-up branches in community shops and schools, and big city credit unions usually have their own offices).
Triodos Bank (Dutch green bank)
Triodos Bank is Europe’s largest ethical bank. Based in The Netherlands, it has a branch in Bristol (where real people answer by phone). The customer service is top-notch and you can bank online or by phone.
You receive a recycled plastic debit card, and get all the advantages of any other bank. Do note that as a small bank that can’t afford the constant automated checks, you may have to sometimes call up to confirm you are not a scammer if you are buying a flat-screen TV!
But actually that’s a good thing, as it ensures the bank is looking after your interests, to make sure you don’t get scammed. And although the account has a small monthly fee of a few pounds, this covers everything. So if you do get sent a letter, the bank won’t charge you £25 to send it.
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 does not offer overdrafts, interest on current accounts, cash deposits in post offices or immediate faster payments (it does offer CHAPS and international payments for a £20 or £25 fee respectively).
So why is Triodos ethical? Because it is very strict about what it won’t invest in (all of the above). And mostly invests in clean energy, organic farming and social community projects. You even can see online every single project it lends to, for transparency.
Reliance Bank Ltd (funds Salvation Army)
Reliance Bank Ltd is run for the benefit of the Salvation Army, a Christian charity that uses its donations to help homeless people (and their dogs). It offers hostels and life-houses, plus help for people who struggle with trauma, mental health issues and substance abuse, as well as teaching people new skills and writing job CVs.
Cumberland Bank (for northern customers)
The Cumberland is only available to people who live in northern England (mostly Cumbria, Northumberland and also southwest Scotland). It’s not a ‘green bank’ per se, but does run ethically. And also uses profits to help reforestation projects (instead of using funds to cause deforestation like many big banks do).
It’s also good in that it has ‘proper branches’ on high streets, ideal for people who prefer to do their banking in person. There are a few accounts including one for everyday use, and another for young people on apprentice schemes.
Monzo and Starling (app-based banks)
Monzo (you can bank by laptop if preferred) and Starling (personal and joint accounts). are the newer app-based banks. Ideal if you have a smartphone and know how to use it, a nightmare if you don’t. But if like most people you do most of your banking online, these fresh new banks have good reviews, are cheap and simple to run, and refuse to invest in fossil fuels.
