Firstly, I don't have a mortgage but I do have some savings. I have one bank used mainly for transactions and another bank for my savings and my credit card. I like this setup so I decided to swap each fossil bank to one or two ethical banks.
For convenience, I will call a fossil funding bank an f-bank and an ethical, non-fossil funding bank an e-bank, and we all know 'e' comes before 'f'.
|Hmmm Which bank?|
In Australia, we have the benefit of a bank assessment report performed by Market Forces and independently verified. Note that what is considered an e-bank can change over time. Here is a link to Market Force bank comparisons: http://www.marketforces.org.au/banks/compare/
|An example bank comparison spreadsheet|
- the branch & office locations (which isn't so important these days),
- having zero fees for most everyday transactions,
- the ATM network used and how convenient they are to me,
- the option of a Visa Debit Card.
|Three of Australia's big four fossil-funding banks:|
ANZ, NAB and Westpac
- Savings Rate
- Term Deposit rate for 3 & 6 month periods
- Credit Card Type (MasterCard or Visa)
- Credit Card Rate
- Credit Card Annual Fee
|Thirty seconds after opening a new bank account|
nothing this ominous happened
I collected my identification getting ready to walk into the banks office to open an account but they said is was quicker to do it online and that is what they would do if I was at their office. The internet has changed banking a lot since I last opened an account with a new bank.
Applying for accounts online was very quick and I also found calling them for help was very efficient.
I could start transferring funds immediately that day which I did. I've yet to get my card and need to setup my credit card account so completing the process may take a few weeks, but after initially being hesitant, I progressively became confident with what I was doing, one step at a time. I even got $4 interest for my savings funds that were only in the account for the last two days of April. More than I expected.
So be bold, go forth and divest. It is an empowering experience.