I find it unethical that you didn’t do any of your own research, chucked some opinions around, and so I wasted the energy required to load this page on my laptop.
3 Likes
Yes, electric is expensive and loading this gif just cost you more monies in computing powers
2 Likes
Dammit, you just ruined more of the environment, UNETHICAL!!
1 Like
Monzo is evil, prove me wrong. That’s not how this works 
, the burden of proof lies with the accuser, that’s like 101 of debate.
Monzo ourselves only store money with the Bank of England, lend it out to other customers, or with payment schemes as collateral.
You money is only with Investec if you choose to open a savings pot that is backed by them. We leave this as your choice to make and hope to eventually offer a range of providers. 
35 Likes
The burden of proof lies with the one who isn’t the conspiracy theorist. That’s like the 101 of the internet. 
1 Like
This thread has moved me so much I am going to drive all the way here and hold a down with Monzo sign
1 Like
Kinda depends how deep you want to get. As humans we are fairly unique in how we tend to leave the earth worse than how we found it. As Agent Smith in the Matrix says:
We can choose to invest money in places that aren’t inherently destructive, but where most banks are concerned, this is more difficult than it should be. Many banks invest in fossil fuels, cars, plastic, deforestation etc at some stage because it generates fairly stable returns. How long that’ll continue is up for debate.
Whilst the OP may have a point, Investec and by extension, Monzo, is no more culpable than anyone else. Barclays has a pretty shocking record in that regard, but then again, so have most of the big banks.
2 Likes
I acknowledge that I made a mistake about thinking all of the reserves were being held by Investec. Only savings pots are - and consequently any money held in them is unethical by the standards of cooperative bank’s ethical investments policy. This is on the basis that Investec invest in fossil fuels and they have no ethical investment policy to stop them from investing in the arms trade.
As for the rest of the money - it is held in ‘Central Banks’. Note not explicitly naming the Bank of England as there are many Central Banks with different investment practices.
The Bank of England are not transparent in their investment practices and do not seem to have an ethical investment policy.
Conclusion - I still can’t find out where my money in my Monzo account is being invested. I cannot be sure that it is being invested ethically. I’m not sure I would class this as Monzo being an ethical bank?
2 Likes
Monzo doesn’t have a choice in banking with the Bank of England. All UK banks have to bank with the Bank of England.
Just because a bank doesn’t have an ethical investment policy, doesn’t make that bank unethical. Equally, having an ethical investment policy doesn’t make an ethical bank.
Its how the company is ran which makes it ethical.
8 Likes
IIRC the Co-op bank in theory only invest in ethical projects compared to many other banks. I don’t have enough money to get an Investec pot anyway, but if I did, I’d probably invest somewhere else anyway as the rates were pretty poor.
I must say I do appreciate those who (like @Jaklloyd) would prefer not to fund inethical projects. If you have the ability to care where your money invested, then more power to you. I was reading about sharia (Islamic law) investment principles recently, where the money can’t be invested in projects involving alcohol, gambling, etc. There’s quite a few companies offering these now, which I appreciate. Of course, they may still invest in generally inethical projects, but there’s an interesting variety of options out there.
1 Like
Having an ethical investment policy does limit your investments to those stated in your investment policy though, thus increasing transparency and aiding people’s choices in where there money is invested.
What makes Co-op Bank’s ethical investment policy the legal standard? or the standard everyone else should replicate? With all due respect the bank itself has had to be bought out a number of times because it is failing.
The Central Bank of the UK is the BoE - they set the base rate of interest and the money Monzo hold must (I’m fairly certain) be held there - it is a regulatory requirement.
2 Likes
Well To be honest I know that, I was thinking more how does it ACTUALLY affect my life.
I take 50+ flights a year (many of them short-haul where there are other transport options), if I had serious ethical concerns I would change job before I started looking into how ethical each bank is.
It sounds like you may want to look at Triodos, I think they’re one of the most ethical banks out there, investments maybe Tumelo?
Out of interest, who have you been banking with prior to Monzo? I would be interested to know more about which banks score highly within this category.
1 Like
2018 results 
!
Ethical Consumer Best rating
- Triodos,
- ICICI,
- Clydesdale,
- Nationwide Building Society,
- Co-op,
- Metro Bank,
- Yorkshire Bank
- Monzo
- Cumberland.
5 Likes
We’re in the middle of the Holocene extinction and we’re playing a starring role. If it doesn’t affect you yet, unless you are in your 70s, it probably will in your lifetime. Chances are, if you live near the sea, or eat food, it is going to become a problem…
What one person considers ethical is not the same as another.
The Coop - despite its “ethical” policy - has come into quite a bit of criticism for a number of things including:
a) poor lending decisions - it had to be rescued in 2013 and is now mainly owned by hedge funds
b) soft loans to certain MPs/political parties - where they never asked for the money back
c) an ex-chairman, who was dubbed the “Crystal Methodist” (as he was also a clergyman) who was suspended by both his church and the Labour party after the newspapers exposed him for buying cocaine and methamphetamine.
It also has a history of under investment in its systems and has had IT problems in the past - in 2009 for instance their internet business banking system used to crash when more than 130 users logged on simultaneously…
5 Likes