Ethical banks cash in after trouble on the high street

Consumers have been flocking to ethical alternatives in the banking sector in recent months.

Ethical investment is on the road to the mainstream. According to the Ethical Investment Research Service (EIRIS) £9.8bn is now invested in ethical and environmental funds in the UK – a small, but significant and growing figure.

Now current accounts at ethical banks and credit unions are also getting a welcome boost, perhaps as consumers turn away from high street banks over the past 18 months. The Cooperative Bank is probably the best known option in this sector. In last week’s banking special at Ethical Consumer Magazine, the bank was one of our "Best Buys" for current accounts, scoring 6/20 on our rating system Ethiscore, which ranks companies on 22 criteria including climate change performance, worker rights and environmental reporting.

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