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
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ICICI Bank UK
Green/Ethical Products
No evidence of specifically green or ethical products found for ICICI Bank UK.
However, ICICI Bank UK's sister company, ICICI Bank Ltd. offers GoGreen solutions, which include ‘instabanking’, green vehicle finance, and green home finance.
Ethical Lending or Insurance
Not applicable. ICICI Bank UK does not offer commercial lending or insurance services.
Human Rights
No policy was found to indicate that ICICI Bank UK avoids lending to or insuring companies that directly contribute to human rights violations.
No evidence found that the company has any systems in place to monitor the applicability of such a policy.
Financial Exclusion
No evidence of any accounts, products or services aimed specifically at the financially excluded.
No evidence that ICICI Bank UK provides direct financial support to or engages in partnerships with Credit Unions and CDFIs (Community Development Finance Institutions).
The ICICI Group seeks to expand universal financial inclusion through the ICICI Foundation’s initiatives in India. The bank has introducing models to deliver rural and micro credit, promoted the SHG-Bank Linkage, and supported organisations like FINO and MicroSave with the goal of enabling financial inclusion.
No evidence found that the company invests in or lends at lower rates to financially excluded communities.
Environment
No evidence of an environmental policy found for ICICI Bank UK. However, its sister company, ICICI Bank’s environmental policy covers the key areas of climate change, energy efficiency, and waste management.
No evidence found of the company’s commitment to continued improvement of its environmental performance.
Carbon Neutral
No commitment to become fully carbon neutral was found.
Equal Opportunities
The company’s diversity policy takes into consideration the key equality issues of race, gender, sexuality and disability. (See 2012 Annual Report)
Women on the Board
1/7 women hold board level positions (14.3%)
Student Banking
- Student’s Savings Account
Voluntary Standards & Initiatives
No membership of any relevant charters or initiatives found.
Charitable Giving
According to its Business Responsibility Report, the ICICI Bank Group spent an amount equivalent to approximately 1.4% of its profit after tax for FY2013 on corporate social reponsibility.
The corporate social responsibility initiatives of the bank, which are directly supported through the ICICI Foundation, focus on advancing education in government schools, providing vocational and skill training for rural youth, improving health and nutrition for women and expanding access to financial services.
ICICI Bank UK
- Savings
- Current Account
- Investments
