The global concern for the current and future state of our planet continues to grow, with millions of people wondering how they can make a positive impact. We are challenged daily by non-profits, communities and businesses to make eco-friendly choices, but lifestyle changes aren’t the only way to help. Environmental awareness is a huge opportunity for innovation, which is why green banks are becoming increasingly popular.
Here’s a list of bank accounts that are designed to benefit the environment:
BankPurely SavingPurely account: Pledges to plant a tree for every account opened and is PayItGreen certified
Capital One 360 Performance Savings: Operates on 100% renewable energy, uses 95% environmentally preferred paper and sponsors local Dress for Success program.
Capital One Kids Savings Account: Operates on 100% renewable energy, uses 95% environmentally preferred paper and sponsors local Dress for Success program
TD Bank Simple Savings: Uses 100% renewable energy and awards grants to and partners with local nonprofits to increase access to affordable housing, education, health programs and more
Bank of America Advantage Savings: environmental sustainability, driving economic and social progress, and enabling financial health.
Wells Fargo Way2Save Savings: Donates money to nonprofits to support social, economic and environmental causes
Wells Fargo Platinum Savings Account: Donates money to nonprofits to support social, economic and environmental causes
What are green banks?
Green banks use innovative business models and financing techniques to encourage private investment into clean and sustainable technology. While these socially-responsible institutions vary in size, approach and impact, they generally share the following characteristics:
Aim to facilitate investment in LCR infrastructure and technology
Innovative transaction structures and market expertise
Independent authority and reach to design and implement strategies
A focus on cost-effectiveness and performance
Beyond these operational characteristics, a few common goals of green and socially-responsible banks include:
Meeting ambitious emissions targets
Mobilizing private capital
Lowering the cost of capital
Reducing energy costs
Developing green technology markets
Supporting local community development
Creating jobs
How can you be more environmentally aware when going about your banking?
It is important that people adapt to the innovative solutions that banks offer and help companies to reduce the impact on the environment. Below are some basics tips on how you can be more environmentally aware when banking.
Use Internet banking as much as you can
For most of your current and future life, visiting the bank consistently is something of the past. Unless you are opening a new account, which some banks now also offer through an online application, just about every single thing you would need to use your bank account can be done online. This includes basic transactions, investing, trading and business services.
Use a mobile banking app
As with Internet banking, a banking app is a powerful platform to almost everything you would have usually done at a physical branch. Banking apps are an extension of what Internet banking offers.
Switch to electronic statements
If you are in the habit of meticulously working through your bank statements every one to three months, consider receiving them electronically. Paper might feel more natural now, but over time you will start appreciating the accessibility and time-saving power behind eStatements!
Ask whether your local branch is environmentally friendly
Many banks now promote using recycled materials within their branches. This includes marketing materials like brochures and posters.
Why do banks need to offer environmentally friendly banking options?
Banks play a vital role in how we interact with money and it results in banks storing vast amounts of data all around the world. This data can include:
Customer profiles that include all contracts and relevant paperwork.
Reports of important events and transactions.
Reports on important events and decisions that need to be made in the financial sector.
All of these data sets are in paper form and place immense weight on the planet’s ecosystems.
The global demand for resources from the environment is not something that can be ignored. And this doesn’t even touch on the vast impact of producing paper money all around the world. Fortunately, banks are aware of the issue and have made innovative steps in helping customers practice environmentally friendly banking habits.
Bottom line
Beyond lifestyle changes like recycling more, driving less and being more conscious toward the environment, the products and services you use can also make a positive impact. (Hot tip: Here are 12 green brands that plant trees with every purchase.)
On a larger scale, green banks aim to facilitate investment in clean technology, so choosing to bank with them could encourage others to pursue socially-responsible behavior.
Frequently asked questions
It depends. Generally, green banks will charge similar fees to traditional banks, but it doesn’t hurt to compare your options and find out.
Green banks use metrics like emissions saved, jobs created, rate of return, effectiveness of investments and more.
Green banks support a wide range of industries including infrastructure, clean energy, community organizations and more.
Definitely. However, they aren’t as popular as green banks, so you’ll have to look in your area to find out if there’s one near you.
Alexa Serrano Cruz is Deputy Editor at Forbes Advisor and was the lead editor at Finder, specializing in banking. As a personal finance expert, she helps Americans make informed decisions about their finances. Her expertise includes savings, budgeting, kids' banking, and more. Prior to joining Finder, Alexa worked as an editor in Miami and New York.
Alexa is a certified anti-money laundering specialist and her personal finance expertise has earned recognition from reputable publications such as Nasdaq, Best Company, U.S. News & World Report, MSN, Yahoo, and Valuewalk. Alexa has also made notable appearances on platforms such as Winnie Sun TV, money podcasts like LifeBlood, and broadcast news publications like Fox News and NBC News.
Alexa also served as an editor for ACAMS Today, a prominent publication dedicated to anti-financial crime detection and counter-terrorist financing. See full bio
Alexa's expertise
Alexa has written 19 Finder guides across topics including:
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