This five step guide aims to help you find the right financial services to match your green and ethical values helping to build a fairer, greener and more sustainable world.
Step 1 - Research
If you currently use a student bank account, or have any insurance policies, a credit card or other financial product, the first thing you should do is find out about the provider institution’s policies on the green and ethical issues that are most important to you.
You can do this by using yourethicalmoney.org to find out how your financial providers have performed against our green and ethical criteria. You should also check their websites for information on products or corporate social responsibility policies. If you have a specific question you can’t find an answer to - contact them directly.
Step 2 - Support
If you are happy with your current financial provider’s green and ethical policies, consider writing to it to support the work it is doing and encouraging other service users you know to do the same. This may help it to maintain good policies in key areas.
Step 3 - Oppose
If you find that your bank, insurance company or other product provider’s green and ethical policies do not meet your expectations, consider writing to it to express your concern and to highlight the areas that you feel it needs to address.
While it is unlikely to change its policies because of your letter, it may respond positively to consumer demand as demonstrated by a number of individuals. If you know other people using the same provider you might consider trying to get multiple signatures on your letter or even using free online petition software to make your voice heard. Either way, it’s important to express your personal dissatisfaction.
Step 4 - Switch
If you find that your product provider does not address your green or ethical concerns or does not have satisfactory plans in place to address them in the future, consider changing to a new provider who does. See the Student section for a list of possible green and ethical banks and insurance options.
Alternatively use yourethicalmoney.org to find the best performers against our green and ethical criteria in the areas of banking, insurance and credit card finance.
If you decide to switch your bank account, insurance policies or credit card it is important to also ensure that your new provider offers value for money and that its products suit your requirements.
Switching bank account is easy and your current provider is obliged to assist with the transfer of financial details such as standing orders.
If you’re switching insurance providers, be sure that you choose a new policy that suits your financial as well as your green and ethical needs. Cancelling policies early could lose you money, so it’s best to wait until your policy comes up for renewal to switch providers. The same goes for buying a new insurance policy from a new provider before your old one has expired.
For credit cards, switching providers and transferring your balance from one card to another is straightforward. But before you change providers it is vital that you also consider the terms of the card, its APR and whether it provides any introductory offers on balance transfers, for example, to ensure you are getting a good financial deal.
If you do decide to change financial providers, consider writing to your original provider to let it know what you’re doing and why.
Step 5 - Stay informed
In addition to this site it’s worth checking in regularly with websites like Banktrack who monitor the behaviour of financial institutions and report on any scandals or allegations against them.
Notes on using template letters
Templates are given as examples of what you may want to say to your financial provider. It is advisable to send copies to both your branch (if applicable) and your provider’s head office. For a full list financial providers offering student products and their head office address details click here.
Please amend templates as much as possible; financial institutions are more likely to take note of and respond to a personalised letter rather than one clearly downloaded from a template.
