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Key takeaways
- There are banks that cater to certain political views, faiths, environmental concerns and social concerns.
- Finding the bank that’s right for you takes a combination of narrowing down your key ideals and research.
- Don’t forget to look at local banks in your community and investigate a bank’s certifications.
Interest rates, annual percentage yield (APY), digital banking features and location are all important factors when choosing a bank. But beyond finding a high-yield savings account, you can also find a bank that aligns with your values can ensure that you’re supporting what you believe in.
With the emergence of online banking, many consumers are no longer confined by geography when choosing a bank. It just takes some research to find a financial institution that holds the same values when it comes to politics, faith, the environment, social responsibility or other topics that are important to you.
Here are some research options for consumers seeking banks that match their values.
Banking for political values
A helpful resource for finding banks that align with your political values is Mighty Deposits, a bank comparison site that breaks down public data about how banks use their money and who owns them. You can search for a specific bank to see the breakdown of its investments, or filter banks based on certain criteria, such as those that invest in low-income communities.
Open Secrets, a nonprofit research organization, also provides a useful visual analysis of the political contributions of people and political action committees associated with commercial banks and how much of these contributions go to different political parties.
Progressive banks
According to their mission statements, here are some of the top banks that contribute to progressive causes and campaigns, such as those that foster environmental consciousness and supporting unions:
- Amalgamated Bank
- Beneficial State Bank
- Sunrise Banks
Conservative banks
Banks that have contributed to conservative causes and campaigns include:
- Woodforest National Bank
- First Premier Bank
- Arvest Bank
Faith-based banking
There are several financial institutions with religious affiliations across the U.S. Some of them include:
- AdelFi credit union is a Christian-based Institution in Brea, California. Anyone who agrees with its statement of faith can join. AdelFi was designed to serve the financial needs of Americans engaged in missionary work around the world. The credit union gives 10 percent of its profits to missionaries and other Christian-based efforts.
- University Islamic Financial is managed by University Bank in Ann Arbor, Michigan. It offers sharia-adherent products, including mortgages that are built around the Islamic prohibition against charging interest.
- Kosher Financial Institute, a kosher supervision agency, provides a directory of banks and lending institutions that comply with Jewish law.
Environmentally friendly banking
If environmental impact is a top concern in your consumption habits, finding a bank or credit union that actively aims to be green is a good place to start.
One way to find a sustainable and environmentally-friendly bank is through the Global Alliance for Banking on Values (GABV). GABV members are required to meet certain criteria and share practices that put the environment and community first.
Here are some banks that have proven their dedication to protecting the environment:
- Amalgamated Bank: A GABV member, Amalgamated Bank ensures that over 39 percent of its lending portfolio goes to climate solutions, and it has pledged not to lend to fossil fuel companies.
- Aspiration: While not technically a bank, Aspiration is a fintech that offers a Spend & Save account, which functions as an interest-bearing checking account and comes with an eco-friendly debit card. The debit card earns up to 6 percent cash back on purchases made at environmentally conscious businesses.
- Civic Federal Credit Union: Based in Raleigh, North Carolina, Civic Federal is a GABV member and achieved a carbon neutrality certification in 2020.
- Limelight Bank: Limelight is another eco-friendly bank that could be a good option for those who want to invest in certificates of deposit (CDs). The bank is paperless and only offers CDs, but its rates are highly competitive and the deposits help the bank fund solar energy initiatives.
- Southern Bancorp: Southern Bancorp promotes economic growth in impoverished areas in the mid-south. It’s also a member of GABV.
Wondering where you shouldn’t bank if you value the environment?
A 2024 report found that JP Morgan Chase invested the most money in fossil fuels out of U.S. banks between 2016 and 2023, so consumers opposed to fossil fuel processing may prefer to deposit their money elsewhere.
The case for staying local
Trying to align your values with your bank may not necessarily involve switching institutions, especially if supporting your local community is important to you.
Many banks and credit unions give back to their communities in some way. For example, local credit unions might support local non-profits and organizations.
If you bank locally, see what initiatives your institution is invested in; it might very well line up with your values.
Certifications for certain values
Just as businesses can acquire certifications to showcase their commitment to specific values, so, too, can financial institutions. These certificates act as markers of trust, indicating that the bank adheres to certain guidelines or fulfills specific criteria for values such as environmental sustainability, ethical investment or community impact.
Not only do these certifications give banks a competitive edge, but they also help guide consumers in making choices about where to entrust their money.
Here are some popular certifications given to banks and what they signify:
| Certification | What it means |
|---|---|
| Association of Military Banks of America (AMBA) | Members of the AMBA comply with certain standards supporting military and veteran communities. |
| B Corp | Awarded to banks that meet high standards of social and environmental responsibility, public transparency and legal accountability. |
| Community Development Financial Institution (CDFI) | CDFIs, certified by the government, are dedicated to providing responsible, affordable lending to low-income people and communities. |
| Equator Principles Financial Institution (EPFI) | Adhere to 10 principles that ensure that financial products don’t harm the environment or vulnerable communities. |
| GABV | Membership is given to financial institutions that are committed to socially responsible banking and environmental sustainability. |
| Minority Depository Institution (MDI) | MDIs are federally protected and are institutions where either 51 percent of the voting stock is owned by minority individuals or a majority of the Board of Directors are minority individuals and the institution predominantly serves minority communities. |
| Women’s Empowerment Principles (WEPs) | Initiated by UN Women and the UN Global Impact, this certification is awarded to institutions committed to gender equality and women’s empowerment. |
Bottom line
Value-based banking is more than just financial transactions. It’s about integrating personal values and social concerns into our banking choices.
Through various certifications and transparent reporting, some financial institutions now offer insights into their operations and investments to help consumers identify and support institutions that reflect their ideals.
If you’re considering switching banks, make sure to evaluate the institution’s products, fees and, in the case of credit unions, requirements to join.
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