Ethical Banking

Anyone use them? Have guiltily had an RBS account all my adult life and feel now is the time to fuck them off and open a new account elsewhere.

Anything I should know about Triodos before jumping ship?

I don’t know but for some reason I don’t really trust these things yet??
I got a monzo card but now it’s a current account rather than just a cash card, I’m reluctant to use it really. Not sure why though. Just not entirely sure you should get your wages paid into a relatively new “bank”.

Who’s the most ethical mainstream bank or building society, only i suspect most people would say the Co-Op, but even they line Dacre’s pockets?

Sock under the mattress.

depends what your ethics are.

http://www.ethicalconsumer.org/buyersguides/money/bankingcurrentaccounts.aspx

Their investment arms aren’t building their wealth through dealing with arms / fossil fuels etc.

Triodos arent really a new bank.

Do Monzo claim to be ethical?

The Co-op Bank is no longer owned by the Co-op but by hedge funds - consequently I wouldn’t trust them to stick to their ethical policies any longer.

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Dunno if the co-op is that ethical now the group no longer own a part of it, idk though.

I think so! (??? :woman_shrugging: )

Find myself morbidly curious about how Tesco manage to bottom out that score so well. Is their HQ in a castle on top of a Transylvanian mountain do you think?

Nationwide are ethical enough for me. A bit shit, but basically good guys.

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Enough about your wanking habits, take that shit to the filth thread.

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You and @stickboy are in perfect wanking sync.

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What a world.

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Still with Barclays and let’s be honest, probably no other popular bank can top them on bad stakes:

How about Islamic banking?

https://www.alrayanbank.co.uk/

The absence of interest in Islamic finance is one of the key factors that differentiate Islamic banks from conventional banks. However, there are other important differences:

  • Islamic banking is asset-backed which means that an Islamic bank does not carry out business unless an asset is purchased to allow the transaction to be conducted according to Sharia.
  • The source of the Islamic bank’s funding, profits and business investments cannot be in/from businesses that are considered unlawful under Sharia, i.e. companies that deal in interest, gambling, pornography, speculation, tobacco and other commodities contrary to Islamic values.
  • The whole premise of Islamic banking is to provide a way for society to conduct its finances in a way that is ethical and socially responsible. Trade, entrepreneurship and risk-sharing are encouraged and these are the financial principles that underpin Islamic finance and the products offered by Al Rayan Bank.

Pretty much. They’re based in Glasgow and Edinburgh.

and a pain in the arse to work for

Maybe but if you were involved with those hedge funds, would you risk the firm’s reputation to generate greater profits?

Still very much a part of their culture, according to their own website:

https://www.co-operativebank.co.uk/aboutus/ourbusiness/ethicalpolicy?int_cmp=topnav_whoweare_ethicsvalues

Ah, I’ve still got accounts with Smile, I’m not running from them, but I expect the culture to be pushed now whereas under the Co-op I expected them not just live by the letter but by the spirit of their policy.

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