Bank Account News

Ethical current accounts options "limited" - 04/09/2007

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Consumers looking to invest in ethical current accounts will find their options limited, Ethical Investment Research Services (EIRS) has claimed.

A spokesperson for the global independent research provider stated that, although the sector is widening, "current account options are still quite limited".

However, other products are becoming more widespread, with "options opening up for savers" in particular, the sector expert said.

According to the EIRS spokesperson, consumer demand is growing but the industry is failing to catch up, with customers looking for ethically-sound products but finding the market does not meet their needs.

While banks may have published policies in such areas, these do not always translate into specific targets and actions, he added, urging people to "vote with their feet" if their bank does not provide what they are looking for.

"We encourage people to contact their bank and express their concern," he said.

A report released by consumer watchdog Which in June 2007 suggested that 47 per cent of women and 36 per cent of men would settle for a lower return with an ethical bank.

According to the EIRS member, the movement towards socially responsible financial decisions necessarily encompasses banking institutions.

"We are seeing a lot more people expressing an interest - particularly over the last three or four years - in ethical finance and obviously that includes who they bank with," he asserted.

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