4 Best Environmentally Friendly Banks of August 2023

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If you’re passionate about environmental justice or want to bank with a financial institution that closely aligns with your values, an environmentally friendly bank might be worth considering.

 The best banks also have strong bank accounts with low fees. Below, you’ll find our top picks for eco-friendly banks based on which accounts you’d like to open. 

The Best Eco-friendly Banks and Credit Unions

• 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 Environmentally Friendly Financial Institutions

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 at SaverLife
• Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider
• Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”
• 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 circumstance, income, or goals.

Methodology: How Did We Choose the Best Eco-Friendly Banks?

At Personal Finance 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 »

Environmentally Friendly Banks: Frequently Asked Questions

Best for a Checking Account

Amalgamated Bank

Why it stands out: The Amalgamated Bank Give-Back Checking Account  is a solid interest-earning checking account with 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. 

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

Look out for: 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. 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.

Amalgamated Bank Review

Best for a High-Yield Savings Account

Atmos Financial

Why it stands out: 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. 

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 (Pending B Corp certification)

Look out for: Atmos Financial is an online-banking platform, so it doesn’t have any physical branches. You also won’t be able to open a joint bank account.

Atmos Financial Review

Best Eco-Friendly Credit Union

Clean Energy Credit Union

Why it stands out: Clean Energy Credit Union has low minimum opening deposits and doesn’t charge monthly service fees. 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.

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

Look out for: 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.

Clean Energy Credit Union Review

Best Eco-Friendly Local Bank

Spring Bank

Why it stands out: Spring Bank 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.

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

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

Look out for: 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.

Spring Bank Review

Other Eco-friendly Banks That Didn’t Make the Cut and Why

• Aspiration Account: Aspiration is a fintech company that’s a Certified B Corp and Green America certified. It may be a good option if you’re searching for a cash management accoun. Our top picks offer higher interest rates or have more banking options, though.
• Androscoggin Bank: Androscoggin Bank is a local financial in Maine that’s B Corp certified. Most of its accounts have low minimum opening deposits, but also include monthly service fees unless you meet certain requirements.
• Bank of the West: Bank of the West is based mostly on the West Coast, and has partnered with 1% for the Planet to offer a checking account. Through the checking account, the brick-and-mortar bank donates 1% of its net revenue earned from the account to environmental non-profit organizations part of the 1% for the Planet network. The main downside to this account is that you’ll need to meet certain requirements to waive a $10 monthly service fee. Read the full review of Bank of the West here.
• Brattleboro Savings & Loan: Brattleboro Savings & Loan is B Corp certified and has branches in Vermont. Its checking account doesn’t charge monthly service fees, but you’ll need to meet specific requirements to waive monthly service fees on its savings account.
• Beneficial State Bank: Beneficial State Bank is based on the West Coast and has numerous certifications. While its checking account doesn’t charge monthly service fees, its savings account does. Our top picks don’t charge monthly service fees on their accounts. Read the full review of Beneficial State Bank here.
• City First Bank: City First Bank is a Black-owned bank with numerous certifications —it’s recognized as an MDI, CDFI, Certified B Corp, and GA BV member — and it may be worth considering if you live in Los Angeles or Washington, DC, because it has branches in these cities. It didn’t become one of our top picks because it charges monthly service fees on its checking and savings accounts. Read the full review of City First Bank here.
• Clearwater Credit Union: Clearwater Credit Union is a GA BV member and CDFI. It has branches in Montana, but anyone in the US who is over the age of 18 and a US citizen can become a member. Clearwater Credit Union might be a good option if you’re looking for a free checking account, but its savings account has monthly service fees unless you qualify to waive the fee.
• Climate First Bank: Climate First Bank has locations in Florida and is Fossil Free certified. When you open a Regeneration Checking Account, you’ll donate $100 to Project Regeneration, a non-profit organization focused on climate justice. Most of our top picks have lower initial deposits or more appealing perks, though.
• Lead Bank Lead On Checking Account: Lead Bank is a Missouri-based brick-and-mortar financial institution that is also a GA BV member. Its savings and checking accounts don’t charge monthly service fees but may not have unique perks like our top picks.
• Mascoma Bank: Mascoma Bank is B Corp certified. It might be appealing if you’re a resident in Vermont and New Hampshire who prioritizes a traditional banking experience, but its checking accounts have monthly service fees unless you qualify to waive them.
• National Cooperative Bank: National Cooperative Bank has one branch in Ohio, and it’s a GA BV member. It might be ideal if you’re looking for an interest-earning checking account or money market account, but you’ll need to meet specific minimum balance requirements to waive monthly service fees on accounts.
• Piscataqua Savings Bank: Piscataqua is a B Corp certified financial institution with one branch in New Hampshire. It wasn’t chosen as one of our top picks because its checking account has minimum balance requirements.
• Self-Help Credit Union: Self-Help Credit Union is Fossil Free certified. It has branches in North Carolina, South Carolina, Florida, and Virginia, as well as a sister credit union named Self-Help Federal Credit Union with branches in California, Illinois, and Washington. To become a member of either credit union, you’ll only need to donate $5 to the bank’s non-profit the Center for Community Self-Help. It didn’t become one of our top picks because the credit union’s checking account fees.
• Sunrise Banks: Sunrise Bank is B Corp certified and a GA BV member. It has branches in Minnesota and South Dakota and might be ideal if you’re a resident in one of these states searching for a solid free checking account. But its savings accounts have monthly service fees unless you meet specific requirements. 
• Virginia Community Capital Checking Account: Virginia Community Capital has numerous certifications — it’s recognized as a CDFI, Certified B Corp, and fossil-free financial institution. While it has solid free checking and savings accounts, it lacks distinguishing features.
• Verity Credit Union: Verity Credit Union is a GA BV member with branches in Washington. It solid rewards checking account options, but to join Verity Credit Union, you must live in the state of Washington. 
• Vermont State Employees Credit Union: Vermont State Employees Credit Union is a GA BV member. To become a member, you’ll need to live or work in the state of Vermont join the Northeast Sustainable Energy Association. While the bank has solid free checking and savings accounts, it lacks standout features.

Are These Banks Trustworthy?

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’s partner bank, Evolve Bank & Trust, has a B rating because government action has been taken against the business, and it’s received 80 customer complaints on the BBB website.

In 2022, the Justice Department required the bank to pay $1.3 million in a settlement that claimed Evolve Bank had discriminatory lending take place from 2014 to 2019. 

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 the FDIC’s Minority Depository Institution Program or the NCUA’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.