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I will be the first to admit that I am not perfect. I do the best I can, with what I have. Having worked as a bookkeeper for the past decade, the most important thing for me is good integration with QuickBooks Online. Big banks are convenient as they have good security and strong integrations, but the majority of them support Fossil Fuels, and that just makes them bad.
Recently, I decided to challenge my need for convenience and look into Ethical Banks. There are so many phenomenal options that have excellent customer service and they support the planet! Socially responsible banks are making sure that your money is going towards something to help the planet and not harm it!
Again, I will admit that I am not perfect, but for this series I will share who I decided to bank with and what they offer! I am only writing on banks I have had experience with or researched on, but there are many more out there!
I use this account for my primary personal banking. This is a new model that bank of the West is offering. It is a checking account with a chic compostable debit card, no monthly fees, and they donate 1% of their net revenue to the planet. In 2019, they made $1,047,945, so that means $10,479.45 when to the planet. Personally I hope the y do offer more, but as an entrepreneur, I understand the importance of doing what you can and not overextending.
I travel to Europe enough that I needed a card that would offer banking options in France. Bank of the West is convenient if you are used to a big bank pace with transfers, and generally want to ease yourself off big banks who contribute to fossil fuels.
If you want to sign up and earn a bonus of $25, use my affiliate link.
I currently use Aspiration Bank as my petty cash spending account. After having 3 cards compromised due to fraudulent transactions, I decided I needed a card where I do not keep a ton of cash for small purchases. Separating your smaller purchases and having them on a separate card protects yourself from huge losses due to fraudulent activity. If you want to sign up and plant 25 trees together, use my affiliate link.
This is an online bank that is a certified B-Corp and a 1% for the Planet member.
- They offer online checking and savings options
- You can choose your own monthly fees!
- They have a great mobile app and you can decide to plant trees with purchases made!
- They offer a sustainability score called AIM (Aspiration Impact Measurement) which you can track in their mobile app (and online), if you enjoy analytics.
- When you spend your money with a business with a high AIM score, you receive an additional .5% cash back on your purchase!
Aspiration itself is not a bank and does not hold a banking license, your deposits are safe as the money is held at several partner banks, which are insured by the Federal Deposit Insurance Corporation (FDIC)
Aspiration Bank is not a bank and does not hold a banking license, meaning that they hold your deposits at partner banks, which are insured by the Federal Deposit Insurance Corporation (FDIC).
A downside is if you need to make deposits larger than $5,000, they need to be mailed to the partner bank listed on your account.
Here is the fine print for those interested in reading more: Checks larger than $5,000 can be deposited via our mobile app. If accepted, checks must also be physically mailed to our partner bank for final processing. Please keep this in mind before moving forward with a mobile check deposit.
If you submit a check larger than $5,000 for mobile deposit and it is accepted, you will receive an email from our team with instructions on where to mail it for processing.
Once your check arrives at our partner bank, it will be processed in 1-2 business days. Items submitted for greater than $5,000 may be subject to an extended, large deposit hold.
An industry leader in giving back, Aspiration donates 10% of every dollar their customers pay to charity.
They do not invest in fossil fuels, but they also have a Planet Protection option. That means you pay $6.00/month or $60/year. Then, they do some of the world-saving legwork for you, automatically offsetting the carbon emissions for each gallon of gas you purchase with your Aspiration card.
Amalgamated Bank is an all around amazing bank. You can get a Give Back checking account to support Color of Change, and Planned Parenthood of NYC to name a couple of organizations. They were the first bank to have a livable minimum wage of $20.00 per hour, and their staff is 60% POC women! They have locations in SF, NY, and Washington.
It is 100% free to open an account, and you can support a Non-Profit organization, win-win!
I have heard a lot of great things about this bank. I first saw them when visiting Portland and tried opening an account. Unfortunately, I did not hear back from them, but the next time I am in the PNW, I will check out what they have to offer.
How do you value your banking relationship?