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Climate-Friendly Checking Accounts: A Guide by O1ne Mortgage

What Is a Climate-Friendly Checking Account?

A climate-friendly checking account is an account at a bank or credit union that ensures your money is not used to finance fossil fuel-related projects. These accounts are ideal for individuals interested in ethical finance and sustainable spending.

What Makes a Checking Account Climate-Friendly?

Climate-friendly banking generally refers to how banks use the money you deposit. A bank might be considered climate-friendly if it:

• Has a triple bottom line, focusing on social and environmental impact along with profits.
• Does not participate in fossil fuel projects.
• Invests in climate-neutral and -positive organizations and projects.

Be cautious of greenwashing, where banks highlight eco-friendly actions without addressing their overall environmental impact.

How to Find a Climate-Friendly Checking Account

1. Avoid the Big Banks

Big banks often finance fossil fuels. The Rainforest Action Network’s 2023 Banking on Climate Chaos report can help you identify banks that heavily invest in fossil fuels.

2. Look for These Certifications

Two certifications to look for are:

• Global Alliance for Banking on Values (GABV)
• Fossil Free Certification by Bank.green

B-Corporations (B-Corps) and Community Development Financial Institutions (CDFIs) are also good options, though not directly related to climate.

3. Use These Search Tools

Tools like Bank.green and Mighty Deposits can help you find climate-friendly banks. Review the bank accounts’ fees, requirements, interest rates, and features before making a decision.

Other Ways to Make Your Finances Climate Friendly

Besides using a climate-friendly bank, consider these options:

• Learn about ESG and impact investing.
• Offset your carbon footprint through organizations like Wren and CarbonRemoved.
• Invest in eco-friendly upgrades, such as electric vehicles or solar panels.
• Support advocacy organizations pushing for climate-friendly regulations.

Open Your Climate-Friendly Bank Account Today

There are many climate-friendly checking accounts available, some with no minimum deposit requirements or monthly fees. For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you make financially and environmentally responsible choices.

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