11 Certified B Corp Banks to Match Your Money with Your Values in 2022

Written by

Justin Kuepper

Published on

Jan 04, 2022

Last updated

Jan 10, 2022

Many banks paint a pretty picture of socially-conscious and eco-friendly behavior, but they're far more focused on profits under the surface. For example, the largest banks in America lend hundreds of billions in customer deposits to oil companies, predatory lenders, and other unsavory businesses—undermining many of their customers' values.

B Corp banks provide an alternative for those looking to match your money with your values. Like an "organic" label at a grocery store, B Corp certifications make it easy for customers to find banks that meet high environmental, social, and governance standards. All you have to do is look for the label and verify it on B Labs' website.

Let's look at what a B Corp bank is and some of the most popular B Corp banks you might want to consider to align your money with your values.

What is a B Corp Bank?

The B Corp Certification is a designation that a business meets a high standard of verified performance, accountability, and transparency on factors ranging from the treatment of employees to supply chain practices. In particular, B Corps must achieve a B Impact Score of 80 or higher and legally commit to serving all stakeholders—not just investors.

B Corp banks must complete a 200+ question B Impact Assessment covering governance, workers, community, environment, and customers. For example, banks might have to detail the percentage of their supplies and expense ratio associated with local, independent small businesses or renewable energy projects—a demanding task.

After the assessment, B Lab follows up with email and phone interviews before sending a verification team for a site visit. The verification team spends up to five days looking over records to ensure that the B Impact Assessment was accurate before issuing the final designation. Banks must then ensure that they remain in compliance over time.

#1. Aspiration

Location: Nationwide
Services: Cash management, credit cards, investments 

Aspiration is an online-only B Corp bank that focuses on sustainability. Unlike America's largest banks, the company doesn't invest customer deposits in fossil fuel projects, like oil pipelines or coal mines. You can also round up your purchases to the nearest dollar to plant a tree and automatically offset your fuel purchases with carbon credits.

#2. Amalgamated Bank

Location: Nationwide
Services: Personal banking, commercial banking

Amalgamated Bank is a union-owned bank that has become a champion of workers' rights. In addition to being powered by 100% renewable energy, the bank invests customer deposits in non-profits, social impact funds, and renewable energy companies. You can also sign up for a Give-Back Checking account to automatically donate your change.

#3. Ando

Location: Nationwide
Services: Cash management

Ando is an online-only bank that invests customer deposits exclusively in green initiatives like renewable energy and responsible agriculture, and you can see exactly what your money is funding in the Impact Center. In addition to saving the planet, you can earn unlimited 1.5% cashback on every debit card purchase and up to 5.00% APY.

#4. City First Bank

Location: Nationwide, California, Washington DC
Services: Personal banking, commercial banking

City First Bank is the largest Black-led Minority Depositary Institution (MDI) in the country, with over $1 billion in total assets. As a B Corp and CDFI, the bank invests in small businesses, affordable housing, charter schools, and other community projects. The bank is headquartered in Washington DC with branches in Los Angeles and DC.

#5. Spring Bank

Location: NYC
Services: Personal banking, commercial banking

Spring Bank is a B Corp and CDFI supporting low-income communities and emerging businesses in New York City. In addition to supporting the community, the bank provides high-yield savings accounts, competitive loan rates, and an easy-to-use mobile app, making it an excellent option for NYC residents looking to make an impact.

#6. Beneficial State Bank

Location: California, Oregon, Washington
Services: Personal banking, commercial banking

Beneficial State Bank is another B Corp and CDFI located on the West Coast, supporting non-profits, affordable housing, clean energy, and mission-driven organizations. In addition to savings and checking accounts, the bank offers a series of credit cards that support the local community or climate-related non-profits.

Other B Corp Banks

Beyond B Corp Banks

B Corp certifications are a popular way to evaluate businesses, but they're not the only certification that matters.

The Community Reinvestment Act (CRA) prevents redlining and minimizes systematic financial exclusion. As part of the legislation, every bank has a CRA rating that evaluates its reinvestment in the community. You can look up any bank's CRA rating at https://www.ffiec.gov and assess how they're impacting the community around them.

The US Treasury also certifies some banks as Community Development Financial Institutions (CDFIs). CDFIs use their deposits to provide low- and moderate-income communities with the credit they need to grow. You can find a list of CDFIs at https://ofn.org/cdfi-locator, although there are relatively few national banks that provide personal banking services.

Finally, banks are just one way to make an impact with your money. VirtueScout provides tools to help maximize your impact by finding banks, credit cards, and investments that provide a positive financial return along with a significant environmental or social impact.

The Bottom Line

The B Corp certification measures an organization's performance, accountability, and transparency on factors ranging from the treatment of employees to supply chain practices. When looking for a bank, it's a good idea to look for B Corp banks to ensure that your deposits are doing good in the world, although it's not the only certification to consider.