Charity Bank, a UK-based ethical bank, has launched a campaign to get the public to put their savings into its Ethical Cash ISAs. Customers who switch can see their money helping to fund charities and social enterprises across the country.
Since 2002, Charity Bank has lent over £170m to charities and social enterprises across the UK. Unlike other larger ethical banks, Charity Bank’s shareholders are exclusively made up of charitable trusts.
They only lend to organisations with a social purpose, who often can’t get funding from high street banks.
Research carried out for Charity Bank found nearly three quarters (71 per cent) of the British public didn’t know where their savings were invested. But over half (56 per cent) said they would like the choice of an ethical option.
‘Wherever it’s invested, money takes a journey,’ said Patrick Crawford, Charity Bank’s Chief Executive. ‘This might be around the globe, around the big banks or on the stock markets.
‘Sometimes it does good along the way; sometimes it doesn’t.’
‘We are transparent about the organisations to which we lend, sharing stories of change and social impact data from the charities and social enterprises that we support.’
As well as a map showing all the charities and projects Charity Bank has helped, customers get an annual statement about the charities they have funded. These span across the education, health and social care, housing, and community sectors.
Philip Bartley, CEO of Autism Plus, is currently using a Charity Bank loan to transform derelict farm buildings in Yorkshire into a chocolate factory run by adults with autism and learning difficulties.
He told Charity Bank, ‘Employees will be trained by skilled chocolatiers and horticulturists to help them develop skills for independence and future employment.
‘It is about supporting people to take more control of their lives and we hope this project will help more people to live the lives they want.’
The UK’s largest ethical bank, Triodos, has also announced plans to launch an ethical current account for personal customers in June 2017.
Words: Sid Hayns-Worthington
To find out more about the charities funded by Charity Bank and how to help them by setting up a Cash ISA, visit their website here.