![]() ![]() The bank donates a generous 10% of its yearly profits to charity. These banks and credit unions have earned their reputation as socially responsible through certifications, meaning they would spend your money ethically and responsibly.Īspiration is a respected online-only bank with a variety of financial products and a B-Corp certification. Now let’s take a look at the best socially responsible banks and credit unions out there right now. 14 Best Socially Responsible Banks and Credit Unions Any financial institution can apply to be a member of CDFI, and when approved, start contributing to the cause. ![]() The fund is composed of both private businesses and federal capital. The CDFI fund is mainly used to give disadvantaged communities the same opportunities others have – like reducing inequality by getting more capital into the neighborhood lacking access to financing. Community Development Financial Institution (CDFI) The network already has 64 financial institutions and 16 strategic partners to count on, and it is continuously expanding internationally. They all work towards a better banking system, which will ideally be more transparent and at the same time support social, economic, and environmental efforts. GABV is an independent network of banks, all working towards the same goals: using their finances to improve social, environmental, and other good causes. Global Alliance for Banking on Values (GABV) To be B Corp Certified for a bank or another business means that this business is making a real effort to balance profit and purpose.ī Corp usually certifies banks helping the social economy, reducing inequality and poverty in some way, and supporting sustainability and a healthier environment.ī Corp aims to help nonprofits and governments’ efforts by encouraging businesses to use their money and power for good causes. Here are the most common certifications and memberships for banks to prove they are not spending your money on whatever they want but are investing responsibly: B Corporation Some financial institutions, though, help good causes, and they have a certification to prove it! When we think about big banks or other financial institutions, probably the first things that come to mind aren’t the environment, social causes, or socially responsible investing. In This Article What Are Socially Responsible Banks? If you’re looking to switch to a new bank or find out whether your current bank does things in a way that aligns with your values, this is what this article will cover. Things like minimizing emissions, working for the welfare of society, and sustainable development are seen as more and more important. One of those steps is looking for banks and credit unions that do things responsibly and ethically. More and more consumers are looking to take steps towards social responsibility when it comes to their personal finance. How are they spending consumers’ money? Are their actions aligned with their consumers’ values? The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.Social responsibility is a crucial term right now – and finding socially responsible banks is becoming more of the norm.Īs consumers become more aware of how the companies they’re using impact society and the environment, attention is turning to financial institutions. There are no guarantees that working with an adviser will yield positive returns. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). All investing involves risk, including loss of principal. This is not an offer to buy or sell any security or interest. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. ![]() SmartAsset does not review the ongoing performance of any RIA/IAR, participate in the management of any user’s account by an RIA/IAR or provide advice regarding specific investments. SmartAsset’s services are limited to referring users to third party registered investment advisers and/or investment adviser representatives (“RIA/IARs”) that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Securities and Exchange Commission as an investment adviser. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. ![]()
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