The Best Socially Responsible Banks

The Best Socially Responsible Banks

Once you’re ready and excited to make the switch to a socially responsible bank, the next logical question is “which one?” 

We know you’re eager to align your spending with your values (while also reaching your financial goals), so we’ve done the research for you and outline the best socially responsible banks. I called up all the banks on this list and spoke with customer service to get my questions answered and confirm my facts.

This was a win-win for me because I am excited and ready to switch over my banking as well. As a money coach with a very specific process for my business and personal finances, I may have some extra requirements for my banking that others don’t share. I tried to keep the minimum requirements simple and then I’ll share the bonus things that I found helpful and important. 

I also tried my best to share the commitments and initiatives that these banks have made so that you can decide for yourself based on what’s most important to you! 

We were able to find banks that both serve our values and are also great banks for us as individuals. I’m excited to share what we found! 

FIRST, HERE WERE MY MINIMUM REQUIREMENTS:

• Socially responsible designations: B-Corp, GABC, CDFI (or a combination)

• Clear mission and values (and apparent that the bank gives back!) 

• Low fees and no hidden fees (and no crazy hoops to jump through in order to benefit from the low / no fees)

• Free ATM withdrawal options

• FDIC insured up to $250,000 

• No or low minimum balances

• Ability to bank 100% online (most have physical branches as well)

• Some type of customer support

• App available 

AND SOME BONUS CRITERIA: 

• Business accounts available 

• Investing (specifically, socially responsible investing)

• Some accounts have savings accounts with competitive interest rates

• Ability to open multiple accounts (for multiple goals)

OTHER INFO I INCLUDE: 

• For those who prefer to bank in person, I’ve included physical locations

• Fun other features that might pique your interest 

I’d love to hear which accounts you are using and what your experience is like! 

THE BEST SOCIALLY RESPONSIBLE BANKS IN ALPHA ORDER…

AMALGAMATED

FOR THE WORLD: 

• Certified B-Corp and GABV

• 60% of workforce women and POC

• Minimum hourly wage for employees of $20 / hour

• Issues they care about - climate change and sustainability (100% carbon neutral in operations), immigrant rights, LGBTQ rights, criminal justice, workers’ rights, gun safety; and reproductive rights

FOR YOU: 

• Account Options: 

  • There are many account options, but I focused on the online checking and savings accounts since they are available to everyone (regardless of location)

  • Those with online accounts can still use in-person banking services

  • No monthly fees

  • $100 minimum deposit

• Locations: All online; physical locations in New York and Washington, D.C.

• Interest: 

  • 0.1% - 0.2% for online checking account

  • 0.4% for online savings account

• ATMs: 40K free in-network ATMs

• Other services and fees: Fee schedule and breakdown for extra services

• Customer service: Available via phone Mon - Fri: 8am - 8pm PT; Sat & Sun: 9am - 2pm ET, via email or via chat

FUN FEATURES / OTHER:

• “Donate the Change” program rounds up purchases to donate to renewable energy 

• Give Back savings account donates half your interest to an organization of your choice

• You can open up as many accounts as you’d like (which is important for my personal banking system)

• Socially responsible investing available 

• Business accounts available 

• App not highly rated (for those who prefer mobile banking) 

ASPIRATION 

FOR THE WORLD: 

• Certified B-Corp and 1% for the Planet Member

• Does not invest in fossil fuels

• Donates 10% of every $1 a customer pays

• ‘Plant a Tree’ program through Eden Reforestation. Round up your spending to plant trees (costs cents per tree). You receive cash rewards for planting trees. 30 trees = $5. They have planted over 800K trees to date .

FOR YOU:  

• Account options: 

  • “Pay what is fair” - you choose between $0 and $20 monthly fee

  • Aspiration Plus - $3.99 per month ($45 if you pay annually)

• Locations: Online only (no physical locations)

• Interest: 

  • Pay what is fair: 0% APY

  • PLUS: 1% APY when you spend $1,000 per month and 0.25% APY if you spend under $1,000 (on the first $10K in your account). Amounts over $10K earn 0.1% APY

• ATMs: 55K free in-network ATMs and PLUS plan includes one ATM reimbursement each month (can be international)

• Cash back: 3-5% or 10% cash back (pending plan) on Conscious Coalition purchases 

• Other services and fees: All other services provided at cost. For example, $0.82 for wire transfer; first 25 checks free, and no overdraft fees 

• Customer service: Available via phone Mon - Fri: 6am - 6pm PT; Sat & Sun: 8am - 4pm PT or via email 

FUN FEATURES / OTHER:

• Provides personal impact score based on your spending

• Paid plan includes program to offset your carbon emissions spending 

• Investing in fossil-fuel free funds available

• Highly rated app

• Can only open one of each account type in your name (max of 2 accounts)

MASCOMA

FOR THE WORLD: 

• Certified B-Corp

• Focus on community development and financial literacy 

• Donates $1 million+ per year to local organizations

FOR YOU:   

• Account options: 

  • Free online checking option with $100 minimum to open and no monthly fee if you enroll in estatements 

  • No interest bearing savings account (so wouldn’t make sense to have a savings account here)

• Locations: All online; physical locations in New Hampshire and Vermont 

• ATMs: Any ATMs used outside their Mascoma network would result in a fee from the other ATM companies

• Other services and fees: $30 for overdraft and $30 or $50 for wire transfers 

• Customer service: Customer service available Mon - Fri 8:30am - 5:30pm ET; Sat from 8am - 12pm ET

FUN FEATURES / OTHER:

• Highly rated app 

• Can open up more than one account in your name and enroll in estatements to incur no fees for each 

• Business accounts available 

SPRING BANK

FOR THE WORLD:  

• Certified B-Corp and CDFI

• Focus on accessibility and supporting the underserved

FOR YOU:

• Account options: 

  • Green account: if you don’t need to write checks; free with direct deposit or $1 per month with no direct deposit 

  • Basic account: if you need to write checks; free with direct deposit or $1,000 balance in the account, otherwise $3.50 per month 

  • Savings account: Free with $100 min or $5 fee per month

• Locations: All online; physical locations in New York

• Interest: 

  • Savings account: interest of 0.75% for any amount above $100

• ATMs: Free withdrawals from any MoneyPass network or Citibank ATMs. For outside network ATMs, $1 charge from Spring Bank plus other bank’s charges. 

• Other services and fees: No overdraft charges for Green account and for Basic account first three overdrafts are free. Wire transfer fee of $25 for domestic and $35 international

• Customer service: Mon, Tues, Thurs and Fri 10am - 4pm ET

FUN FEATURES / OTHER:

• Highly rated app 

• Business accounts available

• You can open multiple accounts in your name