Ethical Consumer Magazine: Highly rated

Published on 15 September 2020

The Cumberland’s current account has been rated as one of the most ethical in the country.

It has been ranked as the second most ethical in a new list released by Ethical Consumer Magazine.

The building society is ranked second out of 32 UK banks and building societies including major high street banks.

The magazine regularly researches and reviews banking institutions on their ethical policies and ranks them.

Banks and building societies are rated on a series of ethical criteria including whether they use their lending or investments to support businesses which contribute to climate change, habitat destruction or palm oil plantations, factory farming or arms and military supply.

The magazine comments: "Many of the mainstream banks are trying hard to reform their images and some have made steps in the right direction. Yes, in recent decades, there has been little true changes in their practices. Fortunately, there is a handful of alternative banks that can properly claim to be ethical."

Phillip Ward, brand manager at The Cumberland, said: “We are proud that our current account has been rated so highly by Ethical Consumer Magazine.

“As a customer-owned building society we do not invest our members’ money in stocks and shares which support organisations which may operate unethically.”

The Ethical Consumer Magazine’s list includes leading big names such as Virgin Money, Bank of Scotland, NatWest, HSBC and First Direct. Triodos takes first place and Tesco, last.