Where to Switch Guide for the GDD
January 2015
If you’ve just read our How to Switch Guide then you’ll already be clued up on how easy,
simple and safe it is to switch to a better banking provider.
Great! But where’s the best place for your money? Our Where to Switch Guide is on hand to
help! This Guide will help you find a great service that meets your banking needs while also
delivering on your ethical demands. That’s right folk - you can have both!
Current Accounts
Building societies are mutuals. That means they are run by members and for members.
With no external shareholders clamouring for dividends, all profits are reinvested to ensure
the best service. Coventry, Nationwide and Leeds all provide current accounts with branches
up and down the UK. While others such as Cumberland and Norwich and Peterborough
provide current accounts only in their local areas. Building societies are run democratically
giving you a say in important decision-making.
Reliance Bank has one of the best scoring current accounts on our scorecard. Wholly owned
by the Salvation Army, Reliance Bank has a strict ethical investment policy with refuses to
put money into the fossil fuel industry. Instead, all profits are reinvested into the Salvation
Army’s charitable work. Although Reliance Bank do not have a UK-wide branch network,
their internet banking and friendly telephone service (charged at local not premium rates!)
are on hand to meet all your needs.
With the Co-operative Bank, your money is also 100% fossil free. In fact, it is enshrined in
the Co-op’s ethical policy that activities contributing to climate change will not be financed.
A recent Ethics poll demonstrates a commitment to upholding customer values. The Cooperative current account is also a great option for students looking for an interest-free
overdraft.
Savings Accounts
For savings and mortgages, Ecology Building Society and The Magnificent 7 are among the
best places to put your money. With environmental values at the forefront of their business,
Ecology are unique in that they specialise in mortgages and loans for eco-builds. You can
check out the individual ratings for all UK building societies using our Ethical Scorecard.
Both Charity Bank and Triodos Bank guarantee that your savings are 100% fossil free. With
healthy financial returns for savers, both banks are kind to your pocket as well as your
values. Charity Bank lends solely to charities and social enterprises while Triodos are big on
financing renewables. So between the two, you can’t really go wrong!
If you’d rather go local, credit unions are a great option. Saving with a credit union gives you
access to loans at some of the most competitive rates around. Meanwhile, you are actively
supporting your local economy and contributing to a stronger community. You can find your
local credit union here!
Investments and Loans
Crowdfunding and peer-to-peer (p2p) platforms are booming! Thousands of individuals are
already taking advantage of platforms such as Abundance, Trillion and Ethex where you can
enjoy complete control over the projects you choose to finance. While there are always risks
with any investment, many are receiving great returns while doing a lot of good too - so
there is no better time to get involved!
For more information, check out our Fossil Free Options blog, and our Good Money pages –
and good luck finding your new Good Money home!
Information in this guide should not be taken as financial advice or seen as an endorsement of any particular product. We’ve provided so
that you can make an informed choice about where to move your money, and if necessary, you should consider speaking to an independent
financial advisor. We’ve worked hard to ensure that the information on the Move Your Money Switching Scorecard is accurate and up to
date, but we cannot guarantee this. If you think something is factually wrong, please let us know. No endorsement or recommendation is
made of any of the companies mentioned; any user of this document does so at his or her own risk and assumes full liability thereof for any
decisions made upon the basis of any information included in this document. Under no circumstances can the authors have any liability for
any actions that result in loss to any third party.
Move Your Money UK is a company limited by guarantee no. 7895861