Does Monzo support the fossil fuel industry?

Hi all, completely new to this community chat. I’ve just closed my Natwest account after I found out that Natwest supports the fossil fuel industry. I read Monzo didn’t so I made the switch. I was about to create an ISA and saw that my money would be invested through Investec, which is a company that does finance oil&gas and mining, among other things.

So, does Monzo invest in fossil fuels? Either directly, or indirectly through Investec?

no , Monzo doesnt have any investments in any other company

you might even like to look at what business accounts Monzo won’t support under “am I eligible” for a business account

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Hi! Thanks. I know they don’t but when you open an ISA, somebody has to invest your money somewhere to get you an interest. Monzo is very transparent in this, they clearly state ‘just so you know, it’s Investec who provides you an interest on the money you add into your ISA’. My question is, does Monzo make sure that my money are not used by Investec to finance a fossil fuel company to get me that interest?

probably not , the answer is dont invest in an ISA you’re not comfortable with, if you dont like what you think Investec are doing with your money put it somewhere else

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It’s none of Monzos business what Investec does, they’re a totally separate company. Monzo are just the “middleman” between you and them.

If you don’t like what Investec do, you have the option of different pots with different providers. These change from time to time too so keep an eye out for additions/removals in the future.

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As above. Monzo have no say in what any other bank does with the money you save with them.

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Thanks, I’ll consider opening an ISA with a bank that does not invest in fossil fuels. thanks!

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good luck , let us know which one you choose, so anybody interested can apply as well

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Thanks, will do! I’ll open an ISA with a different bank. Thanks so much for taking the time to reply :slight_smile:

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Will do for sure, thanks!

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Worth also putting this here:

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Sounds like you want Triodos Bank or Ecology Building Society.

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Yes I Think Triodos is the one I’ll go with, I still need to look into it but after a brief research it sounds in line with my ethos. Thanks for taking the time to reply!

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Do you use plastic items? Drive a car?

You support the fossil fuel industry

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These comments are highly cynical. Just because certain things are currently unavoidable doesn’t mean it’s not worth trying to minimise use of and development of fossil fuels. People should rightly be able to choose not to fund the exploration and extraction of fossil fuels, even if they have to use products in their life. We will never have alternatives if no one pushes for them.

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I dunno, I look at it the other way round. Switching bank I think is less damaging than buying the direct by-products (eg. Plastic, fuel, driving etc).

But that’s all opinion based :smiley:

Hi :slight_smile: I work in climate change and air quality, and I use my social media accounts and my blog to raise awareness of climate change and sustainable lifestyles, and I am an ambassador for ethical brands. The answers to your questions are mainly no, and no. My energy provider is also a green one, so the energy comes from renewables. My life, as the life of everyone else on this planet, is always going to have some impacts, but I am trying to limits those that I can, including managing the investments that my finances support. I am ok with not being perfect, but I’d rather try and minimise the impact whenever I can, than do nothing and surrender. Thanks :slight_smile:

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Hi! Not if use a green energy supplier :slight_smile: I used to use Octopus Energy, now I am thinking of switching to Ecotricity. As I said in my reply below, my approach will never be 100% perfect, but I am trying as hard as I can to minise my impact, and to raise awareness of sustainable lifestyles, including green finance. Thanks! :slight_smile:

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Do you worry about how much you’re contributing by using all those social media channels? Have you seen the size of the datacentres that run 24/7 to provide this service and store all your messages and images etc?

Your blog, this bank forum and the internet in general are massive contributors. If I was passionate, those would be the first things to go.

Not judging by the way, just curious as to how far one would need to (or should) go :slight_smile:

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Lot of facetious replies here.

Going to live in the woods is absurd. Making a change where you reasonably can is sensible and commendable.

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