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Ethical Savings Accounts
Compare ethical savings accounts.
Ethical savings accounts
Everything you need to know about ethical savings accounts from across the UK
With more and more people being concerned about the ethics of modern capitalism and finance, it is no wonder that people are turning to ethical savings accounts to help. Ethical savings accounts are considered a new, more responsible way of approaching banking and investment since they focus on avoiding investments that hurt people and the environment. If you dislike the idea of your money being used to invest in harmful organisations, an ethical savings account may be right for you.
If you want to find a new ethical savings account, you can compare options and find the right ethical savings account for you. All you have to do is input your details and see what accounts can be offered by a range of UK providers.
What is an ethical savings account?
Ethical savings accounts are accounts where the bank or financial institution makes sure that your money is not invested into causes that could be seen as unethical. This means they avoid investing your money into things that could have a negative impact on society or the environment, for example, the firearms trade or fossil fuels. Instead, they will focus on more ethical investment opportunities.
What type of ethical savings accounts are there?
Most ethical banking institutions will offer a range of different ethical savings accounts. This can include easy-access accounts, regular savings accounts, fixed-term notice accounts, and ISAs. You can also get other ethical banking products such as ethical mortgages lending and ethical loans, to further minimise your negative impact.
It is worth taking the time to compare ethical savings accounts to get a competitive deal.
Are ethical savings accounts less profitable?
Due to the limitations on investment types for ethical savings accounts, you may find that the interest rate is lower than standard savings accounts. However, many people who use ethical savings accounts consider the need to help protect ethical causes more important than the interest earned from the account.
Are ethical savings accounts protected?
All trustworthy UK bank accounts are protected by the Financial Services Compensation Scheme. This usually protects up to £85000 per person, per financial institute.
What do ethical bank accounts invest in?
While each financial institution will have its ethical bank accounts investing in different fields, there are some common investments made in ethical banking. For example, ethical bank accounts often invest in green energy companies and groups that benefit UK and local projects.
How do I know my savings account is ethical?
If you want to check how ethical your savings account is, there are a few things to look out for. Most ethical savings accounts will be open and honest about their investments, while regular savings accounts may not. You can then decide if the investments of your saving account meet your ethical views.
How do I compare ethical savings accounts?
Simply enter your details to see what ethical savings accounts you are eligible for. This will help you compare different ethical savings accounts and find the right one for your needs.