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:
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:
Beyond these operational characteristics, a few common goals of green and socially-responsible banks include:
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.
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.
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.
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!
Many banks now promote using recycled materials within their branches. This includes marketing materials like brochures and posters.
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:
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.
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.
The $500 Axos Bank bonus is now expired, but you can still earn $50 per qualifying referral, plus up to $400 with a new business account.
SoFi, Fizz, Capital One, Chase, Discover and Revolut have some of the best student bank accounts for savings, checking and building credit.
Fifth Third Bank currently offers a $325 checking account bonus when you open a new account and set up qualifying direct deposits.
Current wins for its high-APY savings pods and positive customer reviews, but Chime is still a good pick for credit-building.
Ally is best for its savings products, while SoFi is best for its convenient checking and savings hybrid account. See pros and cons here.
Close alternatives to Varo include Chime, SoFi, Revolut, Current, Juno, Fizz, Dave and Honeydue. See how these banks compare here.
Top online banks like Chime include Varo, SoFi, Current, Axos, Capital One, Step, Dave and Fizz. See how these Chime alternatives compare.
A breakdown of every bank collapse since 2000.
U.S. Bank offers 24/7 customer service and a student checking account, though Bank of America has higher interest rates.
Weigh the pros and cons of two of the biggest banks in the US
