For mum and self-employed copywriter Kate, ethical banking is very much an everyday part of life, being driven by the underlying principles of making a positive difference and living responsibly.
When Kate and long-term partner Rick sold their family home and relocated to Devon four years ago with their two children they wanted to use an ISA for their savings whilst they settled into their new community.
“We very much wanted to make sure the provider we took our ISA out with was ethical. We didn’t want our savings to be invested in tobacco and other similar industries but to be making a positive difference whilst we were waiting to buy a new family home.
“Having worked for an ethical bank, I had found out much more about its investment policies and, conversely, what this meant other banks did with money. It made me wake up to what actually happens when we think our money is just sitting there in the bank vault. Lots of people don’t really think about it being invested into other industries.
“We did consider other ISA products that offered a higher rate of interest, however the gain was fairly negligible. The difference between choosing Charity Bank’s Ethical ISA and a higher-rate alternative was going to be about £20 in lost interest a year; therefore not enough of a reason to move away from our ethical choice. Receiving the positive stories of the charitable projects Charity Bank has invested in feels like affirmation that we made the right decision.
“I have always been fairly ethically minded. I would say that having a family is a further driver – it makes me think about what kind of world I am leaving to my children, and therefore I tend to make choices that will benefit them in the long-term. Whilst I can’t afford to pay a huge amount more for ethical products, especially being self-employed, I would rather buy less but know that something is ethically sourced.”