8 Best Socially Responsible Banks

Overview: Established in 1923 as a bank for a clothing workers' union, Amalgamated Bank has stuck to its roots of working with more than 1,000 unions, such as those for teachers and firefighters, among other organizations. The New York-based bank offers nationally available online checking and savings accounts with ways to support causes you may care about.

Impact: In addition to maintaining rigorous certifications, the bank has committed to a measurable target for reducing its carbon emissions by 2030 without relying on offsets (such as planting trees to absorb carbon dioxide). The plan was approved by the Science Based Targets initiative, an international group that helps private sector companies set emissions reduction goals. The Human Rights Campaign Corporate Equality Index gave the bank a top score reflecting its LGBTQ+ employee-friendly corporate practices and policies. It also has a pledge that none of its money goes to companies in the fossil fuel industry.

Accounts: Give-Back Checking and Give-Back Savings.

Certifications: Certified B Corporation; Member of the Global Alliance for Banking on Values; Green America Certified.

Pros:

- Interest-earning checking and savings accounts have no monthly fees.

- Give-Bank Checking and Give-Back Savings accounts offer ways to financially support one of five causes, including the Color of Change, an internet-based racial justice organization.

- Free nationwide ATM network.

Cons:

- Mobile app ratings are below average.

Overview: City First Bank is the largest Black-led bank in the U.S. due to two banks merging in 2021: City First Bank (based in Washington, D.C.) and Broadway Federal Savings and Loan (based in Los Angeles). Both banks, founded in 1999 and 1947 respectively, were established to create more access to capital for historically underserved communities.

Impact: City First focuses its lending on economic development in low- and moderate-income communities in and around Washington, D.C., and Los Angeles. More than 70% of loans, on average, go to these communities. It also maintains an environmental focus, as reflected in its status as a Certified B Corp and Global Alliance member.

Accounts: City First regular personal checking account, City First regular savings account, City First CDs.

Certifications: Certified B Corp.; Member of the Global Alliance for Banking on Values; Certified Community Development Financial Institution; Minority depository institution (Black-led bank).

Pros:

- Easy to waive the $7 monthly fee on checking by having electronic statements or at least $100 monthly average balance.

- 24/7 customer support by phone.

- Free nationwide ATM network.

Cons:

- Low savings rate that's close to the national average of 0.43% APY.

- Few reviews for its mobile apps.

Overview: As its name suggests, this credit union focuses on the clean energy movement in its partnerships and loan offerings. Launched in 2018, the credit union doesn't have its own branches but is part of shared ATM and branch networks with other credit unions. It has a cash back checking account, high-yield CDs and a savings account required upon joining with at least a $5 balance. Membership eligibility includes anyone in the U.S. who agrees to become a member of the national nonprofit Solar United Neighbors (at no cost) as part of the credit union application process, among other options.

Impact: Members can get loans for electric vehicles, solar electric systems and geothermal heat pump systems, among other energy initiatives. As Fossil Free Certified, the credit union doesn't fund fossil fuel projects.

Accounts: Checking account, savings account, CDs.

Certifications: Green America Certified; Fossil Free Certified; 1% for the Planet.

Pros:

- 1% cash back on checking if you fulfill two of four requirements, such as making at least 10 debit card transactions monthly and receiving at least $1,000 in direct deposits per month.

- No monthly fees, no overdraft fees.

- Competitive CD rates.

- Part of shared network of branches and ATMs with other credit unions.

Cons:

- Low savings rate.

Overview: Chartered in 1935 in Decorah, Iowa, this community bank has prioritized clean energy for its business and carbon footprint since the early 2000s. It has three branches in Iowa and roughly 3,100 ATMs, but the bank has a strong web presence, including mobile apps and a live chat function for customers. The bank has three checking accounts, four savings accounts, several CDs, and various loans.

Impact: In 2019, Decorah Bank achieved a carbon-neutral footprint in part thanks to its investment in solar energy. The family- and employee-owned bank also offers renewable energy loans and is part of an international network of like-minded socially conscious banks.

Accounts: Simply Checking, Savings, CDs.

Certification: Member of the Global Alliance for Banking on Values.

Pros:

-No monthly fee on Simply Checking.

- Easy to waive $3 monthly fee on savings by having a balance of at least $100.

- High ratings on mobile apps.

Cons:

- Few branches, mostly for Iowa customers, and a relatively small network of ATMs.

- $30 fee per overdraft; $7 fee per overdraft-related transfer from savings to checking accounts.

Overview: In mid-2020, Decorah Bank rolled out its digital-only bank division called Greenpenny. The bank frames its mission as "a form of crowdfunding for the advancement of clean and renewable energy," according to its website. The online bank offers interest-earning checking and savings accounts, solar loans, mortgages and more.

Impact: Its parent bank is part of the Global Alliance, giving Greenpenny the same access to an international network of sustainable banks. As examples of its mission, Greenpenny has financed solar solutions for a school and farmers in Iowa, underwriting a type of loan that can be complex. The Greenpenny website also features a carbon footprint calculator.

Accounts: Free Checking, Greenpenny Savings, CDs.

Certifications: Parent bank is a member of the Global Alliance for Banking on Values; 1% for the Planet.

Pros:

- No monthly fees or out-of-network ATM fees on checking or savings.

- Solid rates on its savings accounts and CDs.

- Digital budgeting tools, including an automatic savings program where each debit card transaction gets rounded up and the difference goes into savings.

Cons:

- No weekend or late weekday hours for customer support by phone.

Overview: Founded in 1928 as a bank for local farms and families, Lead Bank has expanded its reach over time to help more communities in Missouri. The bank has two locations in the state — Kansas City and Lee's Summit — and offers a solid digital experience for its national customers, including a live chat function. In addition, it has a straightforward lineup of checking and savings accounts and CDs.

Impact: Lead Bank focuses its impact on three areas: women and children in crisis, economic inclusion, and arts and culture in Kansas City and Lee's Summit. The bank partners with local organizations through volunteering, donations and sitting on their leadership boards. In addition to its membership in the Global Alliance, Lead Bank was recognized as the Small Business of the Year by Kansas City's Chamber of Commerce in 2018 for its dedication to supporting the community.

Accounts: Lead On Checking, Lead On Savings, CDs.

Certification: Member of the Global Alliance for Banking on Values.

Pros:

- No monthly fees or minimum monthly balances on basic checking and savings.

- Has live chat and well-rated mobile apps.

- Free nationwide ATM network.

Cons:

- Low rates on savings and CDs; the Lead On Savings rate is close to the national average rate of 0.43% APY.

- $30 fee per overdraft; $10 fee per overdraft-related transfer from savings to checking.

Overview: Started in 1980 to help rural North Carolina residents own the mills they worked, Self-Help Credit Union has since expanded into a network of Self-Help organizations. Self-Help serves communities primarily in North Carolina, South Carolina, Florida and Virginia with more than 30 branches and 90,000 members. (Its sister credit union Self-Help Federal Credit Union, focuses on California, Illinois, Washington and Wisconsin.) Anyone in the U.S. can be eligible for membership by paying a one-time $5 fee and joining the nonprofit Center for Community Self-Help, the umbrella organization for all Self-Help entities.

Impact: Self-Help assists low-income communities disproportionately affected by pollution and natural disasters. In addition to not investing in fossil fuel extraction or production, the credit union has invested $409 million in projects that have helped create positive environmental impacts since 1989. Its lending as a CDFI includes supporting green jobs.

Accounts: Checking, savings, term certificates (its name for CDs).

Certifications: Certified Community Development Financial Institution; Member of Inclusiv as a Community Development Credit Union; Green America Certified; Fossil Free Certified; Multiracial-owned credit union.

Pros:

- Part of fee-free nationwide ATM and shared branch networks with other credit unions. Self-Help also offers up to six free ATM withdrawals monthly.

- Easy to waive the $5 monthly fee on checking with one of the following: direct deposit, a $2,500 balance, being younger than 25 or older than 64.

- No overdraft fees.

- Competitive rates on term certificates.

Cons: