Hope you have read my blog on changing your credit card and are excited to take more steps to divest from fossil fuels. Another simple and effective step is to move money from Megabanks to Community Development Banks. This makes sense even if you don’t care about the divestment movement. Instead of 0.01% in a MegaBank checking, you can get up to 3% in an account with a community-oriented bank!
Megabanks like Bank of America, Citigroup and JP Morgan Chase are ranked as the top three financiers of Mountaintop removal coal mining and coal-fired power plants in the US. In contrast, community development banks are not tainted by investment in fossil fuels and their mission is to lift up communities by investing in small, local businesses.
So, by moving your money from Megabanks: you can get more interest, help vulnerable communities grow and make sure that your money is not funding the fossil fuel industry. If you are inspired to make this change, visit Green America’s page. There you will learn about other positive impacts of this change and options.
Don’t worry if you are not able to find a bank in your area or state. After extensive research on their directory, I have found three well-established and federally insured banks for online banking. They are Hope credit Union and Self-help Credit Union. If you live in Alabama, Tenessee, Louisiana or Mississippi you can make use of the whopping 3% in HOPE’s rewards checking account. Otherwise, Self-help’s money market account interest rate has increased steadily over the last few years. These are not static interest rates either, they are expected to go up with the impending federal interest hike.
Since writing this post, I have found two other banks offering high-interest checking accounts. Aspiration offers 2% checking account, free access to any ATM in the world and an easy way to give to charities. LMCU is the other one that offers 3% interest checking account when you meet a few requirements.
So, what’s your bank?