We’ll be leaving BofA. What recommendations do you have?
I’ve been googling and what is defined as “ethical” seems confusing (mostly synonymous with green?). I think we need: direct deposit, online/picture deposit, billpay, and ATMs, though we don’t use cash much. We’ll need to link to Vanguard. So, pretty simple, and online only is going to be fine I think, it’s been years since I’ve been to the B&M. We keep ~$10k in checking. We have a Capital One account already (from when it was ING).
I don’t know that I have good recommendations, and #2 and I have very different feelings about credit unions. (I think it’s a good idea to have both a local CU and a national bank, she is very against CU for reasons.) I will say I’m enjoying the interest on our capital one online-only account (that we opened because of a special extra cash offer), but I think people generally prefer Ally.
In terms of ethics, I have no idea, though obviously Bank of America and Wells Fargo have many strikes against them on that front.
There’s some online people who have looked at the question of ethics, as you note, but I’m not sure how trustworthy the sites are. Here’s the ethical consumer for UK banks and here’s nerdwallet with US banks.
Mr. Millionaire says:
I love Ally (not sponsored). The only drawback is that if I want to deposit cash (side hustle), I have to buy a money order and mail it in.
gasstationwithout pumps says:
When my son and I were both looking for interest-bearing accounts, we ended up with Alliant Credit Union. For us, it is online only, except that we can use any credit-union ATM for deposits and withdrawals. The interest rate is a bit better than Ally or Capital One. It’s early days yet, but the only problem I’ve had was depositing the check for closing out the Wells Fargo account—it exceeded the maximum for ATM transactions, and I had to do a 2-step transfer (first in-person at my local credit union, then electronically from there). It is a good idea to retain one local brick-and-mortar institution in your portfolio.
Maybe the readers will have more suggestions?