Over the last week or so I have been looking at my banking needs, as I have become more and more convinced of the idea of banking ethically. What this means is that I want to ensure that people I bank with are not going to invest my money in a company that is involved in human rights abuses, pollutes the atmosphere etc. I'm also unhappy that my current bank is thinking of outsourcing some departments to India.
It looks like that when I open my next savings account to put money aside for my next car, I will be opening a Co-Operative Bank Smart Saver account Not only is the interest rate good, but they turned away £8.7 million of investments etc, because it did not meet their ethical policy. One of the major downsides of opening an account with the Co-Op Bank is their small number of branches, however I can use the Post Office's network of branches to carry out deposits, so no problems there, and I get an ATM card as well, so I can use a cashpoint machine, either a Co-Op one or one from another bank.
Watch this space, and in the coming weeks I will report on how my approach to ethical banking is working!
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