Oh wow. Not this “ethical” nonsense again 
The most pointless policy in the world 
…
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I could have an ethical policy with my bank that states they trade weapons, having the policy page doesn’t mean anything, and what might be ethical to one person might not be ethical to the next.
Monzo don’t call themselves an ethical bank, they just set out the stall of what they consider are their ethics. It’s up to the person to judge whether that meets their ethical standards of not.
Monzo have been transparent that the interest-earning Savings Pots are held in an Investec account.
It’s up to the person to judge if Investec investing in Oil and Gas is ethical by their standards, and if that having that partnership matters regardless if they plan to open an interest-earning Savings Pot.
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Right.
So the answer is that it does not effect my life one little bit how ethical my bank is. There are much bigger fish to fry.
I used co-operative bank’s ethical investment policy as an example because Monzo commend it themselves in their blog. https://monzo.com/blog/2016/06/07/ethical-banking/
I am not an expert on reserves held with Central Banks…far from it. But I have resorted to Wikipedia that seems to suggest that commercial banks in the UK do not need to hold reserves with the Bank of England. https://en.wikipedia.org/wiki/Reserve_requirement
I know this is not a great source, being wikipedia, but if anyone can correct me, please do.
I would also like to say that I am not an outside hater of Monzo or anything, I use Monzo because I heard it was ethical and was frustrated to hear that it might not be as ethical as it was portrayed to me.
It just seems to me at the moment that it cannot guarantee that money held in Monzo accounts is invested in an ethical manner.
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Money influences a lot in the world, and in this case Gavinator is talking about the power of money to fund practices that can accelerate climate change, which will probably affect you too. If you want to cut down on your flying, you’re right that would also be an excellent way to reduce your carbon footprint.
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Yes, I have a Monzo account
Well if you find Monzo so unethical why have an account with them?
See my above comments
@anon72173902 [quote=“Jaklloyd, post:46, topic:65050”]
I would also like to say that I am not an outside hater of Monzo or anything, I use Monzo because I heard it was ethical and was frustrated to hear that it might not be as ethical as it was portrayed to me.
[/quote]
I’m curious. If ethics are your main focus, why didn’t you do all this research before you signed up? Seems a bit ‘horse bolted’ if you are now complaining?
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A case of sign contract complain later
Just asked the question with Co-op and like 
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WTF
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With that said, I think you have approached this topic in the wrong way, you came into this topic demanding justification for perceived unethical practices instead of approaching the subject in a more open minded enquiring manner, if you did this you most likely you would have received a better reception.
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Climate change is currently rapidly decelerating (at least in the West), UK carbon emissions per person are now the lowest they’ve been since the mid-Victorian era. Carbon emissions from America have rapidly plummeted because of investment in “dirty” low-carbon shale gas.
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In all seriousness if you find out later that something isn’t what you thought it was, if that was because of lack of research or simply things changing, it doesn’t matter, you can do something about it or suck it up.
To me Oil & Gas are ethically fine, I have Oil & Gas shares, my home has a gas boiler, drive a petrol car, and petroleum is medicines and household things I buy so I’d feel a little hypocritical.
But if it mattered I could either not have a savings pot with Monzo, or switch banks with the new knowledge.
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They may commend it - but there is nothing to suggest that they should or will follow it and nothing to suggest it is actually beneficial to the bank as a whole - just because it is ethical doesn’t mean anything - especially with banks.
Here is a page on the list of services the BoE operates: Banking services | Bank of England
Whilst it appears your Wikipedia page states that there is no requirement for banks to operate on a monthly reserve ratio - that doesn’t suggest that a bank does not have to place any money in a reserve account with the BoE.
Either way, the BoE is the Central Bank of the UK - what would be the issue with holding its overnight reserves there?
Could you explain a way in which you know for a fact your money is held where the bank says it is held?
This thread is a perfect example of what is wrong with this community. The OP @Jaklloyd had a genuine question and was immediately berated because people thought he was being negative towards Monzo. Half the posts above should have had flags rather than likes
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In everyone’s defense, OP literally asked for a fight through the language he chose to use, and it seems the challenge was accepted.
Calling other Monzo users unethical is not the way to win friends and influence people
On top of the OPs approach and his tone, he was also factually incorrect with his statements. OPs approach to discourse is a perfect example of everything that is wrong with discourse across the internet.
Finally, the burden of truth is on the accuser, not on us. The sky is green, prove me wrong. Don’t be lazy.
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