Student Finance Overview
If you buy Fairtrade goods, believe in human rights, or are concerned about climate change -
- put your money where your mouth is and open an ethical bank account too.
Financial institutions make all sorts of offers to get students through their doors, from discounts to vouchers to bags of freebies. But these short-term gestures can mask long-term issues.
How would you feel if your money was being used to prop up oppressive regimes, test cosmetics on animals or damage the environment?
What are the issues?
Before you open a new student bank account, or if you want to find out about your current bank’s green and ethical credentials, you should consider the following:
Lending
Banks don't just lend money to current account-holding customers, they also lend to large corporations, public institutions and even governments. Would you approve if your bank was lending money to a company with a poor track record on human rights or one manufacturing arms for use in war zones?
Climate Change and Environment
Financial institutions have an impact in these areas, not just in terms of who they lend to or invest in, but how they run their own operations. It is important to find out what your bank or insurance provider is doing to improve its environmental performance as a business: have they pledged to go carbon neutral for example? Or do they offer any green products to their customers?
Equal Opportunities
A lot of people believe that equal opportunity in the work place is now the norm, but there is still a massive pay gap between men and women doing the same jobs across most industries, including finance. Also the number of women in high level positions is still significantly lower. Not only that but some companies’ equal opportunities policies don’t take other key issues like sexuality and disability into consideration.
Financial Exclusion
There are an estimated two million adults in the UK without even the most basic bank account. Is your bank doing anything to address this situation?
For more details see our Financial Exclusion section.
Responsible Credit
Does your bank, credit card provider or insurance company take care to appropriately target and market its products? Does it offer assistance to customers in financial difficulty? Some credit card providers may not treat their customers responsibly – issuing cards to people who’ll struggle to make their repayments and not offering help to those who do fall behind.
What are the ethical options?
There are a few banks, building societies and insurance companies with well-recognised green and ethical credentials. The examples listed below for banking and saving also scored the highest marks on ethical lending in our research:
Banking
- The Co-operative Bank: this institution provides student banking, insurance and credit cards facilities and has an ethical lending policy that extends across all its business operations.
- Smile: this internet arm of the Co-operative Bank and also offers student accounts.
Saving
- Triodos: this bank offers green and ethical savings accounts. Its commercial lending is primary to green businesses.
- Ecology: this mutual building society offers a range of green savings accounts and mortgage options and its commercial lending is mainly to small, green businesses.
Insurance
- Co-operative Insurance
Insurance type: home, motor, life and health
This company offers a wide range of insurance products and has an extensive ethical engagement policy governing who it will provide cover to. - Climate Sure
Insurance type: travel
Climate Sure calculates the CO2 produced by flying overseas and pays for it to be 'offset' by funding sustainable energy projects. - Green Insurance Company
Insurance type: motor
This provider aims to offset your car's carbon emissions and offers discounts on greener cars/lower mileage. - Naturesave
Insurance types: home, travel, personal accident and illness insurance
This company puts 10% of its personal insurance premiums in a fund (Naturesave Trust) to benefit environmental and conservation projects. It also offers a free environmental performance review for commercial clients and aims to use suppliers that support sustainable business practices.
Credit Cards
Before signing up to a card you should check out the ethical credentials of its provider. Visit our credit card section for more information.
Your next steps
See our Next Steps Guide - Student Finance for information on finding the best green and ethical service provider for you, how to switch accounts and how contact your bank or insurance company about their policies.
Student Finance Search
| Please click on any of the financial institutions below to find out more |  |
 |
 |
|||
|---|---|---|---|---|---|---|
 Financial Institutions |
Criteria | |||||
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
First Trust Bank
Green/Ethical Products
- Basic Bank Account (available to customers in Northern Ireland only)
Ethical Lending or Insurance
No evidence of an ethical lending policy found for First Trust Bank.
However it states that it applies environmental criteria in assessing credit risk. No further information was found on the extent to which this policy would preclude the bank lending to entities on ethical grounds.
Human Rights
No policy was found to indicate that First Trust Bank avoids lending to or insuring companies that directly contribute to human rights violations.
Financial Exclusion
- Basic Bank Account (Northern Ireland only)
No evidence that the company provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
- Have a standard that all websites should comply with WA1 accessibility standards (level 2AA) as provided by the World Wide Web Consortium (W3C).
- AIB Group will on request provide Braille, or large print statements and correspondence.
- AIB Group has piloted lower level counters in branches and we are constantly reviewing accessibility to our buildings, taking account of planning issues. 69% of our branches are accessible with 44 ramps/platform lifts having been installed in the last number of years. Entrance doors to branches are also being automated facilitating accessibility.
Parent company has an on-going AIB Microfinance Fund target for 2012. No further information on whether available in the UK or the extent to which it is available.
First Trust Bank’s (AIB Group (UK) Plc.) parent company Allied Irish Banks Plc. reports that since 2006, it has been contributing to the Social Finance Foundation (an organisation which makes loan finance available at affordable interest rates to community based projects and micro enterprises, which yield a social and financial return). At the end of 2010 the bank reports that €15 million of these approved loans have been drawn down. The bank initially provided €6.27 million to the foundation and since 2009 has also provided an annual payment of €1.5 million, which will continue to 2021.
Environment
First Trust Bank's environmental policy covers the key areas of climate change, energy efficiency and waste. However, it does not mention water.
It shows commitment to continued improvement of its environmental performance.
Carbon Neutral
No commitment to become fully carbon neutral was found.
However First Trust Bank’s (AIB Group (UK) Plc.) parent company Allied Irish Banks Plc. has set challenging energy targets in Ireland - a 20% reduction in AIB's energy consumption and 30% reduction in AIB's carbon footprint by 2014.
Equal Opportunities
First Trust Bank’s (AIB Group (UK) Plc.) parent company Allied Irish Banks Plc. has a diversity policy which takes into consideration the key equality issues of race, gender and disability but not sexuality.
Women on the Board
Parent Company:
1/11 women hold top level board positions (9%).
Student Banking
A Student+ Account is available with a Banklink Card and Visa Debit Card, as well as potential access to a Student Credit Card. There is also a facility to access a student loan.
Student Credit Cards
The Student+ Account offers a Banklink card and Visa Debit card and potential access to a student credit card.
Voluntary Standards & Initiatives
First Trust Bank is a member of Business in the Community (a business-led charity focused on promoting responsible business practice).
Historically the parent company Allied Irish Banks Plc. has participated in the Carbon Disclosure Project (CDP) - In 2010 Allied Irish Banks participated in the report on Ireland by CDP.
Charitable Giving
No evidence of First Trust Bank being involved in any charitable contributions however their parent company Allied Irish Banks has the following:
In 2010 AIB gave €1.82m through 182 local branches to be shared among 546 local deserving children's projects
With regards to community investment and development programmes, Allied Irish Bank reports that it invests in the community through corporate giving programmes and community sponsorship. Its major initiative is the Better Ireland programme, which provides funding to groups working with disadvantaged children.
The Allied Irish Banks Better Ireland programme is currently under review.
First Trust Bank
- Current Accounts
- Savings
- Investments
- Credit Cards
- Loans
- Mortgages
- Insurance (Travel)
- Student Current Account
- Student Credit Card
First Trust Bank
AIB Group (UK) Plc.
Registered Office
4 Queen's Square,
Belfast
BT1 3DJ.
