14 B Corp Banks Using Your Finances To Do Good
You wouldn’t be judged for synonymizing Banks with unethical practices.
But the recent rise of B Corp banks is bucking that mindset.
Bank practices like the financing of fossil fuels are at odds with our values and we can’t help but feel short-changed.
Choosing a socially responsible bank that uses your money to accomplish a greater mission.
For nearly a century, Amalgamated Bank has been supporting important causes like climate justice, racial justice, and LBTQ rights.
Of the Certified B Corp banks in the UK, Triodos funds green energy, organic farming, affordable housing projects, and more.
Bank Australia is not only customer-owned but the only bank in the world with a conservation reserve.
Not quite sure what a B Corp is or how Big Capital fits the bill?
(Bank)roll down to the end of the article to find out this and why you should bank with one on this list of B Corp banks.
*This post contains affiliate links
QUICK LINKS List Of B CORP BANKS
B Corp Banks in USA
Certified B Corp financial services provider Aspiration is on a mission “to help everyone do well and do good” in a way that is accessible to all.
Customers come first with their transparent Pay What Is Fair fee model.
10% of whatever this fee ends up being is donated to charities supporting struggling Americans, primarily Accion, America’s largest nonprofit microloan provider.
None of your money will be used to fund the oil or coal industries and to date, Aspiration’s Planet Protection program has offset 36,548 metric tonnes of CO2.
In addition to their B Corp status, Aspiration is a 1% for the Planet member, Green America Certified Business, and Project Drawdown partner.
About Aspiration’s Products & Services
Spend & Save account, grants, 100% fossil fuel-free investments, carbon credit investments, and Individual Retirement Accounts.
When you make a purchase using their ethical credit cards, you can choose to plant a tree by rounding up to the nearest dollar.
Wondering how you can reduce your carbon footprint from travel?
With an Aspiration Plus debit card, Aspiration automatically calculates and offsets the gas you buy, streamlining your conscious consumer efforts.
2. BENEFICIAL STATE BANK
About Beneficial State Bank
“What if the banking industry nourished our communities instead of extracting from them?”
That’s the question posed by the Beneficial State Bank and one that guides its mission to change the banking system for good.
Committed to developing triple-bottom-line banking standards, they work closely with other banks and banking associations as well as racial equity experts and financial justice advocates.
At least 75% of loans go to organizations creating a more socially just and sustainable world, like clean energy and affordable housing projects.
Beneficial Bank is a Community Development Financial Institution (CDFI) and a member of the Global Alliance for Banking on Values.
Read more on their eco-efforts in their latest impact report.
With seven branches throughout California, Oregon, and Washington, they’re one of the best B Corp banks in the USA for those who live on the west coast.
About Beneficial State Bank’s Products & Services
Personal banking (checking, savings, loans, online and mobile banking), business banking, and banking for non-profits.
They’re also one of the best B Corp banks that offer credit cards.
Available: Beneficial State Bank
3. SUNRISE BANKS
About Sunrise Banks
It’s a bright new day for the banking industry and B Corp banks like Sunrise Banks are leading the charge.
The bank gives back to the local community through volunteer efforts, local partnerships, and charitable donations.
The bank is committed to measuring the carbon impact of its loan portfolio through the Partnership for Carbon Accounting Financials (PCAF).
For more environmentally friendly nuggets, read their latest impact report.
For these reasons, it’s one of the highest rated B Corp banks, and Sunrise Banks was named a “Best for the World” for 8 consecutive years.
It’s also a member of the Global Alliance for Banking on Values and a certified CDFI.
About Sunrise Banks Products & Services
Personal banking, commercial lending and leasing, fintech partnerships, and government lending focused on New Markets Tax Credits and SBA lending.
Available: Sunrise Banks
Ando is a certified B Corp bank committed to fighting climate change.
Fossil Fuel Free certified, it invests exclusively in green initiatives such as regenerative agriculture and renewable energy.
You can round up your debit card purchases to plant a tree and Ando will match the first 100,000 trees planted with 100,000 more.
Ando’s Impact Center helps you monitor your account and the environmental impact of your spending.
About Ando’s Products & Services
Spending and savings accounts, both with mobile banking options for those seeking remote B Corp banks.
Keep banking inclusive, there are no monthly fees, no minimum balance, and a huge network of free ATMs.
5. AMALGAMATED BANK
About Amalgamated Bank
Amalgamated Bank is committed to dismantling systems of discrimination and oppression.
For nearly 100 years, they’ve supported important movements including climate justice, immigrant rights, LBTQ rights, racial justice, and worker’s rights.
60% of their workforce are women or POC.
They also use 100% clean energy for their offices when available and have so far achieved four years of net-zero operations.
About Amalgamated Bank’s Products & Services
Personal banking (checkings, savings, credit cards, mortgages, loans), socially responsible investing, commercial banking, and institutional investing.
Available: Amalgamated Bank
6. MASCOMA BANK
About Mascoma Bank
Mascoma Bank is another B Corp certified bank on a mission to support communities.
To date, they have provided $170 million in New Markets Tax Credits, supporting 26 projects and creating over 1,140 jobs.
By donating 10% of its pre-tax income to charity, they’ve donated over $8.3 million to local nonprofits in the past five years through the Mascoma Bank Foundation.
They also give back through employee volunteer programs to the tune of ~5000 hours a year.
Women hold 53% of their management positions.
About Mascoma Bank’s Products & Services
Personal banking (mortgages, checking, loans), business banking, investment, private banking, and trust services.
Available: Mascoma Bank
7. CLIMATE FIRST
About Climate First
While B Corp membership is pending for this values-based community bank, they’re a worthy inclusion, even if we’re jumping the gun a little.
Climate First offers a full range of services with a focus on environmental sustainability, such as green loan options for both individuals and businesses. These include loans for rooftop solar, building retrofits, and EV charging.
Carbon Neutral from the onset, Climate First never invests in fossil fuels.
They’re already members of 1% for the Planet, the Global Alliance for Banking on Values, and the UN’s Net-Zero Banking Alliance.
About Climate First’s Products & Services
Personal banking and business banking and loan services.
Available: Climate First
8. SOUTHERN BANCORP
About Southern Bancorp
Certified B Corp bank Southern Bancorp focuses on supporting rural and underserved communities through financial access and investment.
Its 10-year goals cover three categories: supporting home ownership and housing, supporting jobs, and supporting individuals to save.
Southern Bancorp is a certified CDFI, a member of the Global Alliance for Banking Values, a member of the Community Development Bankers Association, and an Equal Housing Lender.
About Southern Bancorp’s Products & Services
Personal banking (checking, savings, loans) and business banking (checking, savings, loans).
Available: Southern Bancorp
B CORP BANKS IN CANADA
9. VANCITY COMMUNITY INVESTMENT BANK
About Vancity Community Investment Bank
If you’re looking for a B Corp bank in Canada, the Vancity Community Investment Bank will put your money to work for good.
The bank has given more than $1.5 million to over 100 community organizations across Canada since 2001.
They’re in the business of financing clean energy loans, affordable housing, community space, nonprofits, and charities.
As well as being a certified B Corp bank, they are a member of the Global Alliance for Banking Values and a member of the Canada Deposit Insurance Corporation.
Read all about their sustainable activities in their blog.
About Vancity Community Investment Bank’s Products and Services
Commercial lending, Impact GICs, business banking, and high-interest savings accounts (HISA).
Available: Vancity Community Investment Bank
10. BUSINESS DEVELOPMENT BANK OF CANADA
About Business Development Bank of Canada
The Business Development Bank of Canada is devoted to Canadian entrepreneurs.
They provide finance, advice, and capital to businesses across Canada with a focus on small and medium-sized enterprises.
Not only is BDC a Canadian B Corp Bank but they’re helping to grow the B Corp movement in Canada by presenting the B Impact Assessment to thousands of business owners each year via events and workshops.
The BDC believes in active inclusion. Its funds include an Indigenous Growth Fund, a Black Innovation Fund, a Women in Technology Venture Fund, and the Supplier Diversity Program.
Committed to reducing its operational footprint to net-zero by 2025, it also invests in cleantech firms pioneering climate solutions.
About Business Development Bank of Canada’s Products & Services
Business loans, advisory services, and capital (venture capital, Growth & Transition capital, Growth Equity Partners Fund).
Available: Business Development Bank of Canada
B CORP BANKS IN THE UK
Looking for B Corp banks in the UK?
Tridos invests only in projects that benefit people and the planet: cultural (including arts and education), environmental (including renewable energy and organic farming), and social.
To date, they’ve supplied £8.5 billion of loans to projects and organizations working towards positive change.
Triodos has over 740,000 customers in five countries (the UK, The Netherlands, Belgium, Spain, and Germany).
They received the British Bank Awards 2022 for Best Ethical Financial Provider and Best Investments Provider.
About Triodos’s Products & Services
Personal banking (current accounts, savings, investments), business banking (loans, capital raising), and charity banking (loans, capital raising).
12. CHARITY BANK
About Charity Bank
Charity Bank is an ethical savings and loans bank with a mission to use money for good.
Charity Bank became the first Certified B Corp bank in Europe and they continue to maintain a much higher-than-average impact assessment score.
The only bank to be certified as a social enterprise by Social Enterprise UK, they use your savings to lend to charities and other NGOs.
The accolades for this accredited as a Responsible Finance Provider don’t stop there.
It’s been awarded the Social Enterprise Mark, is a member of the Global Alliance for Banking on Values and the Partnership for Carbon Accounting Financials (PCAF), and is working toward the Investors in the Environment Silver accreditation.
About Charity Bank’s Products & Services
Savings (personal savings account, charity, and business savings accounts) and loans for charities and social enterprises.
Available: Charity Bank
B CORP BANKS IN AUSTRALIA
13. BANK AUSTRALIA
About Bank Australia
Bank Australia is a customer-owned bank, meaning every customer has a voice and a vote on how it operates.
Every customer is also part-owner of the bank’s own 2,117-hectare Conservation Reserve.
The bank is on a mission to reach net-zero by 2035 for its operations by scaling up funding for regenerative projects and helping customers reduce emissions, too.
Up to 4% of the bank’s annual after-tax profit goes to the Impact Fund.
This supports projects creating positive change including conservation, reconciliation, human rights, and educational disadvantage projects.
As well as being one of the few Certified B Corp banks in Australia, Bank Australia is also a member of the Global Alliance for Banking on Values.
About Bank Australia’s Products and Services
Personal banking (home loans, personal loans, credit cards, insurance, transaction accounts, savings) and business banking (transaction accounts, savings, borrowing, credit cards).
Available: Bank Australia
14. BEYOND BANK AUSTRALIA
About Beyond Bank Australia
Beyond Bank Australia is owned by over 270,000 of its customers.
The Beyond Bank Foundation has given more than $27 million—toward things like aged care, disability, housing affordability, and financial education—over the last decade and a half.
This is partly achieved through special giving projects, like Double Donation Day, a campaign where they dollar-matched donations to 30 charities and projects across Australia.
Find out more in their latest corporate report.
If you’re looking for B Corp Banks in Australia, they have branches across the country in ACT, New South Wales, South Australia, Victoria, and Western Australia.
About Beyond Bank Australia’s Products & Services
Personal banking ( bank accounts, loans, credit and debit cards, insurance, international and travel), business banking (business loans, accounts, and services), community banking, wealth management, and financial planning.
Their award-winning internet banking and mobile app make them one of the best B Corp online banks.
Available: Beyond Bank Australia
WHAT IS A B CORP?
“B Corp certification is to business what Fair Trade certification is to coffee or USDA Organic certification is to milk.”
That’s according to the non-profit network B Lab, the organization behind the certification.
Certified B Corps do business in a way that prioritizes social and environmental good. It’s about balancing purpose with profit and ensuring that ethical standards are maintained.
In other words, it’s good news for conscious consumers across all sectors, from sustainable clothing brands to ethical electronics.
B Corp certification provides a way to assess and verify a company’s social and environmental impact so we can be confident that we’re supporting the right type of business.
How does certification work?
The B Impact Assessment measures a company’s performance across 4 key areas—Governance, Workers, Community, and Environment— where a minimum verified score of 80 points is required.
Companies must provide evidence to back up their answers and the initial qualification process takes around 6-8 months for small to medium-sized companies (longer for larger, more complex ones).
Each company’s final score is published online and each company is reassessed annually to make sure they haven’t backslid on any policies and promises.
In other words, the assessment is rigorous, and while B Corp greenwashing claims have been made in relation to some of its members it is still one of the most globally trusted third-party verifications currently in existence.
WHY BANK WITH A CERTIFIED B CORP BANK?
As conscious consumers, we care about the impact of our purchases and we vote with our wallets by choosing to support brands who adopt more ethical and sustainable practices.
But what about the impact your money has when it’s sitting in the bank?
You see, it doesn’t just sit there; it’s either lent or invested, and exactly where that means it ends up depends on your bank.
You can think of it like a stock portfolio, except unlike the flexibility that ethical investing apps and platforms or sustainability apps provide, you typically get little to no say in how your money is used.
If motivated purely by profit, banks invest in all sorts of undesirable activities from fossil fuels to nuclear weapons and arms trading.
Besides voting with your dollar via impact investing, how do you ensure that your money doesn’t go towards these harmful activities?
By choosing an ethical B Corp bank that’s balancing profit with purpose and making decisions with the health and well-being of people, communities, and the planet in mind.
That’s where B Corp certification comes in.
It’s the gold standard for ensuring that banks (and companies of all kinds) are meeting high standards of social and environmental performance, accountability, and transparency.
FINAL THOUGHTS ON THE BEST B CORP BANKS
Whether you’re shopping for sustainable streetwear or choosing what bank (or socially responsible investment firm) to put your hard-earned dough in, the B Corp stamp of approval gives us confidence that we’re supporting the right type of business.
From everyday banking and loan services, there are a number of banks that are cutting carbon and benefiting communities through values-driven banking.
We hope to see this list of B Corp banks grow like your stock portfolio as more banks jump on board with triple-bottom-line banking standards.
Pay it forward by sharing this article with family and friends and help spread the word about B Corp banks using finance as a force for good.