Best Environmentally Friendly Banks of June 2024 (2024)

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If you care about environmental justice and want to bank with a financial institution that aligns with your values, an environmentally friendly bank might a good choice for you.

The best eco-friendly banks have strong bank accounts with low fees in addition to helping the planet. Below, you'll find our top picks for eco-friendly banks and banking platforms based on what type of account you'd like to open.

Best Eco-Friendly Banks and Credit Unions of 2024

• Amalgamated Bank: Best for a checking account
• Atmos Financial: Best for a high-yield savings account
• Clean Energy Credit Union: Best credit union
• Spring Bank: Best local bank

Compare the Top Eco-Friendly Financial Institutions

The best environmentally friendly banks and credit unions will have clear and concrete examples of how banking with them helps fight the climate crisis. They will also offer bank accounts with strong rates and perks, alongside easy accessibility. Ideally, the financial institution will also offer many different types of bank accounts, such as money market accounts, checking accounts, savings accounts, and CDs.

Here are the best environmentally friendly banks and credit unions as picked by Business Insider editors in 2024.

Best for a Checking Account

The Amalgamated Bank Give-Back Checking Account is a solid high-yield checking accountwith zero monthly service fees. It stands out from other checking accounts because Amalgamated Bank matches the equivalent of half the interest you earn on the account and lets you donate that amount to a charity that's partnered with the institution.

While the Amalgamated Bank Give-Back Checking Account doesn't charge monthly service fees, you'll want to be mindful of the bank account's other fees. The account has a $34 overdraft fee. And if you're looking for a bank that avoids ATM fees, you might want to look elsewhere. If you withdraw money from an out-of-network ATM, Amalgamated Bank will also charge you $2.50 per transaction.

Your banking experience also may depend on where you live. Amalgamated Bank has branches in New York City and San Francisco, but if you don't live in these cities you'll have to be comfortable with an online-only banking experience.

Green practices/policies: As a Fossil Free certified institution, Amalgamated Bank has pledged not to invest in fossil fuels projects. According to the bank's website, 24% of its lending is solely focused on climate protection and property-assessed clean energy financing.

Amalgamated Bank is also B Corp certified since 2017, which means that it has met the B Lab's standards for social and environmental performance, transparency, and accountability.

Certification(s): Certified B Corp, GA BV Member, Green America certified, Fossil Free certified

Amalgamated Bank Review

Best for a High-Yield Savings Account

The Atmos Financial Climate-Positive Savings Account is a great high-yield savings account because it doesn't have minimum balance requirements or monthly maintenance fees. You may also earn a competitive interest rate if you choose to make monthly donations of at least $1 to a non-profit organization that's partnered with Atmos Financial.

Atmos Financial is an online fintech platform, not a bank. Its banking services are provided by Five Star Bank, though.

Green practices/policies: As a Fossil Free certified financial institution, Atmos Financial has pledged it will not invest in projects that are harmful to the environment, such as fossil fuel projects or fast fashion companies.

When you open the Atmos Financial Climate-Positive Savings Account, Atmos calculates the carbon impact of your account balance, which you'll be able to see on the platform's mobile app.

Certification(s): 1% for the Planet, Fossil Free certified, B Corp certification

Atmos Financial Review

BestEco-FriendlyCreditUnion

While the Clean Energy Credit Union Savings Account pays a low interest rate, Clean Energy Credit Union has a high-yield checking account that might be ideal if you're searching for a solid interest rate. Clean Energy Credit Union also has low minimum opening deposits and doesn't charge monthly service fees.

Credit unions require you to be a member to open a bank account. To be eligible for membership at Clean Energy Credit Union, you must meet one of the following requirements:

• Be an employee or volunteer at Clean Energy Credit Union, Our Climate, or 350 Colorado
• Join a non-profit organization or association from this list
• Have an immediate family member or household member who meets one of the requirements listed above

To join Clean Energy Credit Union, you have to open up a savings account with at least $5. If you would prefer to only open a checking account, you might consider banking with a different institution.

Your banking experience may also depend on where you live. Clean Energy Credit Union doesn't have any physical branches, but it is still part of the Co-op Shared Branch network. You'll have to use this search tool to see if there are any locations in your area.

Green practices/policies: As a Fossil Free certified financial institution, Clean Energy Credit Union has pledged it will not invest in fossil fuel projects.

Clean Energy Credit Union also offers a variety of loans that can be used for green energy projects. For example, you apply for a clean energy vehicle loan, green home improvement loan, or electric bike loan.

Certification(s): Fossil Free certified, Green America certified

Clean Energy Credit Union Review

BestEco-FriendlyLocalBank

The Spring Bank Savings Account pays a high interest rate as long as you have at least $100 in your account.

Spring Bank also has low minimum opening deposits and monthly service fees. Even though it's a local bank, you'll have free access to Citibank ATMs and MoneyPass ATMs.

Spring Bank has two branches in the New York City area. If you don't live near a branch, you may still open an account online, but you'll still need to live in New York.

Green practices/policies:According to the bank's website, Spring Bank offset over 192,000 kg of carbon dioxide equivalent in 2019.

Spring Bank is also B Corp certified since 2016, which means that it has met the B Lab's standards for social and environmental performance, transparency, and accountability.

Certification(s): Certified B Corp, CDFI

Spring Bank Review

AreTheseBanksTrustworthy?

We include ratings from the Better Business Bureau to evaluate how financial institutions address customer issues and handle transparency. Clean Energy Credit Union and Spring Bank haven't been reviewed by the BBB, yet.

Keep in mind that a great BBB rating doesn't necessarily mean you'll have a smooth relationship with a bank. Reach out to current customers or read online customer reviews to get a well-rounded perspective of a bank.

Atmos Financial has an B+ rating from the BBB because of how long it's been open. Atmos Financial's partner bank, Five Star Bank, has an A- rating because it has several unresolved customer complaints.

Clean Energy Credit Union does not have a BBB page.

Spring Bank received a B- rating from the BBB because it has not responded to a customer complaint.

Atmos Financial has been involved in one recent controversy. In January 2024, the FDIC put out a cease and desist letter for Atmos Financial. The cease and desist letter claims that Atmos Financial made misleading statements about being FDIC-insured. Atmos Financial is not a bank. Its partner bank, Five Star Bank, is FDIC-insured.

Overview of Certifications

Below, is an overview of all the certifications and designations mentioned in our guide:

• B Corp Certification:B Lab is a global non-profit network that issues a B Corp Certification to companies that fulfill high standards of social and environmental performance, accountability, and transparency.
• Community development financial institution(CDFI): To become a CDFI, a financial institution must complete a certification process through the US Department of Treasury's Community Development Financial Institutions Fund. One of the primary requirements to become a CDFI is that a financial institution must have banking services and lending opportunities in predominantly low-income and underserved communities.
• Green America Certification: Green America is a non-profit organization dedicated to environmental justice. The organization certifies businesses that advocate for social change and meet their Green Business Standards.
• Global Banking on Values (GA BV):GA BV is made up of an international network of mission-driven banks focused on social impact and environmental sustainability. Banks are evaluated to see if they meet certain standards to become a member.
• Fossil Free Certification: To receive a Fossil Free Certification by the volunteer organization Bank. Green, financial institutions must commit to financing zero fossil fuel companies and projects now and in the future.
• Minority depository institution (MDI): An MDI is a financial institution recognized under theFDIC's Minority Depository Institution Programor theNCUA's MDI Preservation Program. To become an MDI, banks or credit unions must be primarily owned or led by Black Americans, Native Americans, Hispanic Americans, or Asian Americans. Financial institutions may also be required to serve these respective groups in their communities.
• 1% for the Planet:Businesses that join 1% of the Planet have pledged to turn over 1% of annual gross sales to non-profit organizations listed on the global network's website.

FAQs

Why You Should Trust Us: Experts' Advice on Choosing the Best Bank

To learn more about what makes a good bank or credit union and how to choose the best fit, four experts weighed in:

• Tania Brown, certified financial planner and vice president of coaching strategy at OfColor
• Roger Ma, certified financial planner withlifelaidout®and author of"Work Your Money, Not Your Life"
• Sophia Acevedo, certified educator in personal finance, banking editor, Business Insider
• Mykail James, MBA, certified financial education instructor,BoujieBudgets.com

To see if a bank is environmentally friendly, look at the bank's mission statement and policies. Several banks will specify that they do not lend to companies or projects involving fossil fuels. Also check whether a bank has any green certifications.

Beyond that, choose the best bank using the following criteria:

Fees. Many banks charge monthly maintenance fees on their accounts, but they can typically be waived. Make sure you know of any fees, and whether you can qualify to waive them by keeping a minimum balance in your account or by other criteria.

Customer service. Especially in the case of an online-only bank, you should know how to contact customer service and when they're available.

Safety and accessibility. The bank should be insured by the FDIC (or the NCUA for credit unions). You should feel confident in its security measures online, while still comfortable with how easy it is to access and transfer your money.

Priorities. If you want to earn money on your savings, for example, you'll need a high-yield savings account. Your priorities will likely change over time, so you want a bank you can stick with through changes in circ*mstance, income, or goals.

Methodology:HowDidWeChoosetheBestEco-FriendlyBanks?

At Business Insider, our goal is to create useful content that helps you make good decisions about your money. We recognize every person has distinct preferences, so we provide ample options to help you find the most suitable financial product or account.

We research extensively to make sure you know the standout features and limitations of a financial institution.

First, we researched to find financial institutions with green initiatives and green certifications. We looked at each bank's mission statement, policies, and culture to see how the bank tackled sustainability and climate change. We also assessed the requirements that needed to be met to receive green certifications and designations.

Then, we reviewed each institution to find the most-well rounded banking options. We compared minimum opening deposits, monthly services, and interest rates (for savings accounts). We also took into consideration if a bank product had special features — like environmental impact scores or donation opportunities.

For our list, we chose institutions that had clearly outlined green initiatives and strong bank accounts with minimal bank fees. Most of our top picks are also available throughout the US.

See our full ratings methodology for checking, business checking, savings, and money market accounts »