Various component parts of the Green Party, and individual members,
have tended to gravitate towards Triodos Bank or the Co-op Bank as THE ethical
alternatives. But are they right?
A recent report by Ethical Consumer does not give the Co-op
bank a good review on ethical issues. Their table of ethical current accounts
puts Coventry, Cumberland and Leeds Building Societies joint top for ethical current accounts. The Coop Bank only comes 12th in that
list easily overtaken by Nationwide, the last national High Street mutual, at 6th
place.
Ethical Consumer still rates Co-op Bank as a ‘best buy’ on
the grounds that is policy statement on ethics is far and away the best in the
sector for clarity and ambition. Its low overall score is explained by its ‘being
part of the Co-operative Group which – as a supermarket – is involved in animal
farming and other activities which its banking competitors are not.’
However, if the supermarket aspect were removed, Ethical Consumer
admits that the Co-op Bank’s score would still be only 13: below the top three
and only just above Nationwide’s 12.5 score.
Moving to savings accounts Tonbridge based Charity Bank and
the Ecology Building Society are joint first with Triodos close behind them. The
Co-op Bank in a very poor 28th place whilst Nationwide is in joint 16th
place in the rankings.
Perhaps Greens need to ask themselves if the Coop Bank still
deserves their support.
No comments:
Post a Comment