Charity Bank
We love Charity Bank! It was set up in order to provide funding to charities and social enterprises, so there is zero chance your money is funding the climate chaos. It is a B Corporation, which means it is a company whose mission is to care as much about the planet and the people, they score higher with us.
It scored particularly high because of its membership of Global Alliance on Banking Values, a gold standard in ethical lending.
Have you opened an account with Charity Bank since visiting Bank.Green?
Key Facts
Type: Bank
Mobile Banking: No
Environmental Policy: Yes
Founded: 2002
Serving: Consumers & Orgs
Local Branches: No
Products
Checking Accounts: No
Savings Accounts: Yes
Credit Cards: No
Mortgages or Loans: Yes
Business Lending: Yes
ISAs: No
Fees
Overdraft Fee: Yes
Account Maintenance Fee: No
Free ATM Network: No
Impact
• Although Charity Bank is not exclusively directed at financing environmental or green projects, they only fund projects with positive societal impact. These cover all sectors, including arts culture, sports, social housing, health.
• As of 2023, Charity Bank has made 59 loans to environmental projects since 2002, totalling £11,343,337.
• One example of a project made possible by Charity Bank’s lending is the installation of solar power by the Totnes Renewable Energy Society. This is a community-owned initiative that has been installing renewables in Totnes since 2007.
• They have an excellent “follow the money” page on their website, where you can see which sectors they loan to and read stories about specific examples.
Security
• Charity Bank is registered with the Financial Services Compensation Scheme, so your money is insured against loss up to £85,000 in total.
• Charity Bank is authorised by the Prudential Regulation Authority.
• They provide detailed guidance about how best to protect your finances from fraud.
• They also have robust anti-money laundering (AML) processes in place.
Service
• Customer service is available via post, phone and email.
• Charity Bank offers a detailed complaints resolution procedure.
Convenience
• Charity Bank is well-suited to those who prefer analogue form, as it is still fairly reliant on physical post.
• There is no online banking or credit cards.
• For businesses, charities and clubs, you can apply for your account online and can then send transfers via Faster Payment to a Nominated Account, followed by a security call to confirm the payment. You can also pay by CHAPS (although there is a fee for this). You are limited to one withdrawal and a maximum of £125,000 per day.
• For private individuals, you can apply for your account online, but all accounts are longer-term savings accounts which require you to send a letter to withdraw your money.
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