Can principles and profits coexist?
Are ethical savings really viable? Can you earn a good rate of interest and still save in a way that benefits society and the planet?
If you are expecting to earn 10% on your savings, then the answer is probably no. But then, as dramatically demonstrated by the Icelandic Banking collapse in 2008, excessively high returns may not be sustainable anyway or involve risks you may not be happy to take.
If you are looking for a more reasonable rate of interest for your savings, then principles and profits can, and do, coexist. Take the Charity Bank Ethical ISA for example, as well as being consistently listed in the Which? Best Buy table, 100% of the ISA’s depositors’ money is invested in charities and social enterprises.
There are further advantages to choosing a bank with principles. At Charity Bank, these principles apply not only to the projects we fund, but the entire way the bank is run. We genuinely value our customers – and this translates to real benefits for our savers.
We don’t only offer our latest deals to new depositors, for example. Instead, our default account settings are favourable to all our depositors, our products and terms are simple and we ensure customers can easily transfer accounts.
If you ignore ethics and principles, then your savings options will, admittedly, be wider, but wouldn’t you rather save with a bank that delivers both, enabling you to sleep at night knowing your money is working for the good of society and the planet while offering you a fair return?
Charity Bank is an ethical bank that finances social enterprises, charities and community organisations, with the support of depositors and investors who place their money in ethical savings and ethical ISAs to facilitate real social change.