Banking - Can You Be More Savvy About It?

Banking - it was one of those things that is a part of everyday life but we don’t really think about. Kind of like breathing I suppose, but less fun. The other day I was going through old emails and came across an old one from my bank asking me if I wanted to opt out of paper statements. This was a no brainer for me - the less paper used, the better. But it got me thinking, are there other things I can be doing to make banking, such a fact of life, more eco-friendly? I did some research and now, dear reader, will share my top 5 savvy tips for greener banking.

Tip 1: Research What Your Bank Invests In

DYK that, “if you keep money in a bank account, your bank can lend it out to or invest in industries whose practices negatively impact the environment?” So if you are with a bank that invests in, say, fossil fuels or arms, you are indirectly contributing to that industry. Let’s avoid those banks, shall we?

Tip2: Don’t Fall For “Greenwashing” Banks

Greenwashing, by definition, is “disinformation disseminated by an organization so as to present an environmentally responsible public image.” Some banks do indeed participate in this practice. Be smart when selecting your bank and ensure that the information they are providing about their sustainable practices is true.

Tip 3: Go Paperless

Nowadays, most banks have paperless options, from your monthly e-statements, to cashless app options, to direct deopsiting. Remember, the less paper that ever touches your hands, including cash, the greener your banking will be.

Tip 4: Interests Rates Used For Good

Honestly, nobody likes paying interest. But what if the bank taking that interest uses it for good? It would make paying it a little easier. Some banks actually take those payments and put a percentage to fund loans to charities and community businesses. Choosing banks that do just that will mean you are doing your part to help the environment, local economy, and communities.

Tip 5: Look At The Bank’s Certifications

Look for banks that are B Corp certified, Fossil Free certified, members of the Global Alliance for Banking on Values, or that take part in 1% for the Planet initiative. All of these will help let you know that the bank is environmentally conscious. 

I hope these savvy tips help allow you to be more confident in your future banking practices! What is one of the things you do to bank green? Let me know in the comments below!