Switching to a greener bank is one of the most empowering decisions you can make. Not only will you bank somewhere that encourages you to save and simplify life, but your savings are not being used to fund war, animal tests, deforestation, cigarettes or gambling.
Choosing a bank account is not so much about interest rates, but about your own financial power to help the planet.
It’s really easy to switch, and usually you can take your debts with you (or just pay them off at your old bank, you can still switch to a new bank for daily banking). The main players are:
Triodos Bank is an online current account that invests money in clean energy, education, social housing and sustainable farming, and never in fossil fuels, weapons, tobacco or deforestation. For £3 a month, you get a recycled PVC debit card (with easy-to-read number details on the back) and therefore no hidden costs. If any issues, call friendly staff at the Bristol office.
The Cumberland (Cumbria) is a regional bank with local branches and an online account. Again it does not invest in fossil fuels, and uses profits to fund environmental and community projects (and gives staff time off for volunteering). Current accounts include a banking app, Visa debit card and support from the friendly Carlisle team. Choose from a Day2Day Account or one designed especially for young apprentices.
Once you’ve made your choice, opening a new account is the next step. Typically, you’ll need identification, proof of address, and a few other documents. Most banks allow you to start the process online, making it convenient and quick.
What to Do with Your Old Bank Account
Before you close your old account, ensure all direct debits and standing orders are transferred to your new bank. Contact companies or services where you have automatic payments set up to update your bank details. This prevents any missed payments or unnecessary fees.
The Current Account Switch Service makes switching to a green bank account easy (takes around 10 minutes, and you can even switch with an overdraft). This service is for all personal accounts (including joint accounts). Just open your account, choose a switch date and let your new bank transfer balance and payments, and the old bank will close your account.
After everything’s transferred and final transactions are complete, it’s time to close your old account. Check for any outstanding balances and make sure all cheques have cleared. Then, contact your old bank to formally close the account. Doing so safely ensures you won’t face charges or issues later on.
