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Once we put money in our bank accounts, we tend to think that it just sits there until we spend it. But in fact, your hard-earned cash can be invested anywhere in the world, and not necessarily in ways we would approve of.
This is especially true of the big high street banks. The latest Banking on Climate Chaos report found that in 2024, Barclays invested $35.4bn in companies active in fossil fuel business, Santander $17.3bn and HSBC $16.2bn, followed by Natwest ($2.3bn) and Lloyds ($1.6bn).
Latest news - HSBC withdraws from the industry's Net Zero Alliance following six major US banks which quit after Trump's election
1. Switch your current account
Luckily, switching to a more ethical bank is easy! Check out some of the resources below on which banks are worth switching to (and away from) and then head over to Current Account Switch to get the process started quickly and easily.
Review of the 'top five' ethical current accounts (July 2025)
2. Switch your savings
Top 9 ethical savings savings accounts (May 2025)
Don't forget! Write to your old bank letting them know why you are switching.
3. Divest your pension
Done all that? Great. Unfortunately, if you have a pension, that is probably still invested in fossil fuels.
If, like many UK workers, you have a Nest pension through your employer, it's fairly simple to switch from the default option ('Retirement Date Fund') to their Ethical Fund, which does not invest your money in companies like Shell and BP.
Otherwise campaigning may be necessary! For example, local council pension funds are big investors in fossil fuels. Find out here about campaigning for divestment.
4. Campaign for organisations to switch
Find out who your employer - and other organisations you are involved with - banks with, and encourage them to switch. Bank Better has resources to help.
Another question, especially for organisations who have already chosen an ethical bank account, is who provides their insurance. Many large insurers provide significant support to the fossil fuel industry and other unethical industries, and may also invest in these. There are more details on the Boycott Bloody Insurance website. You could use their information to inform decisions about your household insurance, but the particular focus is on getting organisations to switch. Planet Protection is a broker which focuses on 'green' rated insurance providers.
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