money savings

How to smash your carbon footprint

Posted on 29.12.22

Did you know each £1,000 held in a current account could be considered responsible for contributing up to 0.29 tonnes of carbon per year, if you hold your money with the worst ranked offenders Barclays or Revolut – the equivalent of driving over 729 miles in the average passenger vehicle.

The findings are calculated by looking at the overall carbon footprint of the UK’s major banks, including investment in fossil fuels, and the proportion of their overall net assets represented by each £1,000 saved by an individual in the bank.

According to MotherTree, moving £5,767 (the average amount in a UK savings account) from Revolut or Barclays to Triodos reduces your carbon footprint by a massive 1.7 tonnes per year – that’s the equivalent of seven round-trip flights from London to Rome.

Switching to a greener bank account can also pay off for your pocket, as they are typically better at passing on increases in interest rates to their customers. For example, Barclay’s highest freely available savings rate (for non-rewards members) is 0.35 per cent compared to 1.15 per cent from the UK’s greenest bank, Triodos.

Full rankings:

The site is run by MotherTree.

You can find out more here.

And you can find out more about Make My Money Matter here.

CoaST banks with the Co-operative Bank and always has, invests in ethical pensions and thinks very, very carefully where we use our money. We’re tiny. Imagine if we were all doing that. 🙂