Can Choosing the Right Bank Help the Environment?
Written by
Vance Cariaga
Edited by
Nick Friedman
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Banks can have a major impact on the environment — for better or for worse. A lot depends on the projects and companies they choose to finance. If a bank uses its money to finance projects that harm ecosystems or increase fossil fuel production, it has a negative impact on the environment. But if it puts its money into sustainable, eco-friendly investments, it can have a positive impact.
One financial institution that falls into the latter category is Forbright Bank. Helping to curb climate change is built right into its mission statement. And it’s the seventh U.S. bank to sign the United Nations Principles for Responsible Banking.
Forbright Bank offers both a high-yield savings account and Certificates of Deposit online. Many consumers might be interested in Forbright Bank’s high-yield account Growth Savings, which pays Annual Percentage Yield (APY)1.
There are no account fees and no minimum balance requirement, and deposits are protected up to $250,000 per depositor, per insured bank, for each account ownership category.2
How It Can Help
Beyond the high APY it offers, Forbright Bank also sets itself apart by prioritizing responsible and sustainable banking.
About one-third of its portfolio directly funds clean energy and sustainable projects. Forbright Bank also finances millions in residential solar loans, green building upgrades and accessible healthcare, and it’s earned fossil-free certification from the nonprofit organization Bank.Green.
As a signatory to the UN Principles for Responsible Banking, Forbright Bank leverages best practices to capture, report on, mitigate and minimize the environmental impact of its financing. In addition to these commitments, Forbright Bank has vowed to remain carbon neutral and even incentivizes employees to reduce their carbon footprints.
The company offers bonuses for solar panel and electric vehicle purchases, reimbursements for sustainable subscription services and rewards for taking public transit or bicycling to work.
Bottom Line
When it comes to banking, you don’t have to compromise your values for the sake of your earnings. With Forbright Bank, you can earn APY1 on your savings, while also knowing your money is going toward initiatives that help the environment.
1 While the rates and APYs mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed or may no longer be available. At Forbright Bank, rates and APYs are subject to change at any time, even after account opening. Growth Savings is available only online at Forbright Bank.
2 There is no minimum balance required to open a Growth Savings account, but to keep the account active, it must be funded within 21 days.
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