Ethical and environmental banking TIP

Feb 27, 2020 | Sustainable Tip of the Month

Have you ever considered what banks use your money for?

If you don’t like it, consider switching banks!

Extract from

‘I hadn’t really thought about what banks invested in until a few years ago.  I just popped my money in the bank, took it out again, and so on, and that was that.  No thoughts about it, or how ethical the banks might be.  And then slowly I began to become aware of links with the high street banks to the arms trade and bomb making, to speculation on food prices (pushing prices up), and to investment in environmentally damaging activities like oil and gas and tar sands mining.

I hadn’t realised that the banks depend on our money to fund these types of investments and to keep them afloat.  One of the few ways to change this is to switch to a more ethical bank, which helps to create a fair banking system that works in our interests.  Yet surprisingly, 75% of people have never switched current account bank account providers before.

Like most people I find the world of banking confusing and difficult to navigate.  I had initially thought the Co-Operative Bank were the most ethical bank out there.  Indeed, we have a few financial services through the Co-Operative Bank, but surprisingly it turns out there are other more ethical banking alternatives out there.  So I have been doing a little bit of research into the best UK ethical banks which I thought I’d share here on Moral Fibres.  I found the Move Your Money website a good starting point, as well as my trusty favourite, the Ethical Consumer website.’


After 30 years of banking with Lloyds Bank we have just switched to Nationwide and are also going to open a Co-Operative Bank account. When we informed Lloyds why we were moving we only received a generic letter with nothing to address our concerns of them being one of the least eco-friendly banks. I think if more people begin to bank more ethically they may start to notice!

J and L