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Top 5 Savings Accounts with Sustainable Banks

Naman Bajaj

October 19, 2023

A savings bank is one of the safest ways to store money for emergencies and big events. Banks offer interest on funds deposited in savings accounts by investing the money into businesses and other assets. Sometimes, these investments may include fossil fuel companies. This means that our savings could indirectly support fossil fuel projects.

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To ensure that your money does not contribute to such projects, consider transferring it to one of these sustainable banks that are financing the green economy:

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*Rates last updated in October 2023

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Aspiration Spend & Save™

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APY: 1-3%

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Aspiration, a certified B Corp online-only bank, does not invest in fossil fuel funding and ensures that your deposits do not fund oil drilling and coal mining projects. Aspiration Plus members can earn 3% APY by paying a monthly fee of $7.99 and conducting $500 of qualifying debit card transactions. There is also a 'Pay What Is Fair' tier that offers 1% APY.

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Atmos Financial Climate-Positive Savings Account

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APY: 1.75-3.5%

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Atmos, a sustainable bank that has pledged to finance zero fossil fuel companies and projects, offers a base rate of 1.75% APY for its savings account. However, if you choose to make monthly recurring donations to a non-profit organization on the Atmos app (even if it's $1), it pays 3.5% APY while supporting climate justice.

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Amalgamated Bank Online Savings Account

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APY: 2.75%

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Amalgamated Bank, the first-ever union-owned bank, serves nonprofits, social impact enterprises, and sustainable organizations. Additionally, it invests resources into tobacco-free funds and clean energy portfolios. This B Corp-certified bank is powered by 100% renewable energy. Its online savings account requires a minimum opening deposit of $100 and offers an APY of 2.75%.

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Climate First Bank Super Savings Account

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APY: 2.75%

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Another B Corp-certified bank, Climate First Bank, offers competitive solar loans for residential and business customers in Florida. It measures and tracks the number of solar loans provided regularly to understand its environmental impact. It regularly monitors and records its emissions and has achieved carbon neutrality.

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Spring Bank Savings Account

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APY: 4.25%

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Spring Bank score lower for its environmental efforts, but it s a certified B Corp. Spring Bank is FDIC-insured community bank headquartered in the Bronx, New York, offering an impressive APY of 4.25% on its savings account to residents of New York, New Jersey, Connecticut, or Illinois. It serves the needs of underserved consumers and small businesses in the New York City area and has created innovative depository and loan products designed to help unbanked and underbanked consumers.

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