12 B Corp Banks To Consider in 2021

Certified by the nonprofit organization B Lab, B Corps must balance profit and purpose and consider their impact on employees, communities, and the environment. If you are searching for a socially responsible bank, B Corps are a great place to start.

SustainFi July 29, 2021

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What are certified B Corps?

Certified B Corporations are for-profit companies that undergo a rigorous certification process on five categories: corporate governance, worker treatment, impact on the community, impact on the environment, and customer treatment. To be certified, companies must score over 80 on a 200-point B Impact Assessment administered by the B Lab, a nonprofit.

The process requires companies to submit a lot of documentation. All B Corps must renew their certification every two years, and some are randomly chosen for annual checks. Certifications are open to businesses in different industries, and well-known brands like Patagonia and Ben & Jerry’s are also B Corps.

At the time of this writing, there were 12 B Corp banks in the U.S, with more on the way to being fully certified.

12 B Corp Certified U.S. Financial Institutions

Amalgamated Bank

Impact AreasClimate change and sustainability, immigrant rights, LGBTQ rights, criminal justice, workers’ rights, gun safety, and reproductive rights
Minimum Balance$0
Fees$0
Accounts Offered• Checking and savings accounts
• Investment accounts
• IRAs
ATMs40,000 free in-network ATMs nationwide (Allpoint network)

Pros

  • Politically active bank that doesn’t fund fossil fuels
  • High-yield savings accounts
  • Give-Back Checking or Savings accounts donate half the interest you earn

Cons

  • Low app rating

Founded by a labor organizer in 1923, Amalgamated Bank is one of the best-known socially responsible banks with over $4.6 billion in assets. Amalgamated Bank is also the only socially responsible bank in the U.S. to be listed on a stock exchange.

Amalgamated Bank is a certified B-Corp and a member of the Global Alliance For Banking on Values (GABV). It serves labor unions, nonprofits, social enterprises and contributes to political campaigns that align with its values (which are climate-friendly, pro-choice, and pro-workers right to unionize).

The Bank is strongly committed to the environment. Its operations are 100% carbon-neutral, and it has pledged not to invest in or lend to fossil fuel companies. The bank also provides hundreds of millions of dollars in solar financing annually.

The Bank has branches in New York, Washington, D.C., and California. Customers can access a network of over 40,000 ATMs nationwide.

Aspiration

Impact AreasPoverty, water, education, environment, health, human rights
Minimum Balance$0
Fees• Aspiration account: pay what you want
• Aspiration Plus account: $7.99/month ($5.99/month if you pay upfront for the year)
Accounts Offered• Checking and savings accounts
• Investment accounts
• IRAs
ATMs• 55,000 free in-network ATMs nationwide
• 1 free out-of-network ATM withdrawal per month for Plus accounts

Pros

  • Strong commitment to socially responsible banking
  • High-yielding Save account (for balances under $10,000)
  • Great app and online experience
  • A mutual fund that doesn’t invest in fossil fuels
  • Personal impact score for your spending
  • Aspiration donates 10% of every $1 in fees
  • Planet Protection option: Plus account offers automatic offsetting of carbon emissions for each gallon of gas you buy
  • Cash-back on Conscience Coalition (includes TOMS, Warby Parker, and Blue Apron) purchases
  • “Plant your change” program rounds up your spending to plant trees

Cons

  • Must pay for the Spend & Save account to receive interest
  • APY on balances over $10,000 drops to 0.10%
  • No branches
  • No cash deposits

Founded by Andrei Cherny in 2013, Aspiration is a fossil free neo-bank with social goals. Aspiration’s mission is to help customers “make money while making the world a better place.”

It’s the only financial institution that lets you pay what you think is right for basic checking account services. Aspiration also donates 10% of fees to nonprofits helping people in need. And you can be sure that none of your money goes to fund fossil fuels.

Aspiration offers checking and savings accounts, a credit card, IRAs, investment accounts, and a fossil free mutual fund. But it’s the cool extras that make Aspiration shine. As an Aspiration customer, you get a sustainability score of your spending habits, cash back when you spend at sustainable businesses such as TOMS, carbon offsets when you buy gas, and the option to plant trees by rounding your change to the nearest dollar.

Although the pay-what-you-want basic checking account doesn’t earn interest, you get up to 1.00% for the first $10,000 you deposit in the Aspiration Plus account. (Aspiration Plus costs between $5.99 and $7.99 per month, depending on whether you pay monthly or annually).

Note: Aspiration is technically a broker-dealer, not a chartered bank. However, Aspiration partners with banks to ensure your deposits are FDIC-insured.

🔔 Read the complete review of Aspiration.

Androscoggin Bank

Impact AreasServing the local community in Maine
Minimum Balance$0
Fees• Mobile Checking: $0 (with a $1,000 balance or 10 transactions/month)
• Standard Savings Account: $0 (with a $100 balance)
Accounts Offered• Checking and savings accounts
• Certificates of deposit
• Money market accounts
• Credit cards
• Health savings accounts
ATMsAt eight branch locations

Pros

  • Highly rated app

Cons

  • Limited ATM network and no ATM fee refunds with the Mobile Checking Account
  • Low APYs

Founded in 1870, Androscoggin Bank serves communities throughout Maine. It offers checking and savings accounts, money market accounts, certificates of deposit, HSAs, and credit cards.

Headquartered in Lewiston, Maine, Androscoggin Bank is committed to having 75% or more customers located within 50 miles of their primary branch. (Indeed, it lacks an ATM network beyond its branch locations.)

Androscoggin Bank is Member FDIC.

Brattleboro Savings & Loan

Impact AreasServing the local community in Vermont
Minimum Balance (Local Rewards Checking Accounts) $500 (to earn interest and avoid a monthly service charge)
Fees$0
Accounts Offered• Checking and savings accounts
• Money market accounts
• Certificates of deposit
• IRAs
ATMsAt seven locations

Pros

  • Attractive APY (0.75%) on Local Rewards Checking Accounts
  • High app rating

Cons

  • Very few ATMs

Founded in 1912 and serving Vermont, the Brattleboro Savings & Loan (Brattleboro) is an independent mutual bank with no shareholders. As a mutual bank, it exists for the benefit of depositors, the community, and employees.

Brattleboro offers a variety of accounts, including a high-interest Local Rewards Checking Account. However, due to a limited number of ATMs, Brattleboro is best suited for Vermont residents who live near a branch.

Brattleboro is solar-powered and gives back 10% of profits as sponsorships or donations.

Compare socially responsible bank accounts

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Beneficial State Bank

Impact AreasSocial justice, the environment
Minimum Balance$0
Fees• eChecking: $0
• Checking: $0 (with a $500 balance, otherwise $5/month)
• Interest Checking: $0 (with a $2,500 balance, otherwise $10/month)
• Savings: $0 (with a $200 balance, otherwise $5/month)
Accounts Offered• Checking and savings accounts
• Money market accounts
• Certificates of deposit
• IRAs
ATMs37,000 free in-network ATMs nationwide (Moneypass network)

Pros

  • Socially responsible bank with GABV, B Corp, and CDFI credentials

Cons

  • Low app rating
  • Low APYs
  • Few extras

Founded in 2007 in California, Beneficial State Bank (BSB) offers savings and checking accounts online and via an app. BSB has over $1 billion in assets.

BSB is a certified B-Corp, a member of the GABV, and a certified CDFI. It’s majority-owned by the Beneficial State Foundation, a nonprofit charitable organization that advocates for responsible banking and runs the Clean Vehicle Assistance Program. Bank profits have to be distributed to the Foundation.

Although BSB doesn’t offer a lot of bells and whistles or pay a high APY, it’s a solid option for Pacific Northwest residents who are looking for basic savings and checking accounts from a socially responsible bank.

City First Bank of DC

Impact Areas• Underserved communities
• Affordable housing
• Closing the racial financial gap
Minimum Balance$0
Fees• Regular Personal Checking: $0 (with e-statements)
• Personal Interest Checking: $0 (with a $500 balance, otherwise $8/month)
• Personal Savings: $0 (with a $200 balance, otherwise $2/month)
Accounts Offered• Checking and savings accounts
• Money market accounts
ATMs55,000 free in-network ATMs nationwide including Citibank ATMs

Pros

  • Supports community development in the Washington, D.C. area

Cons

  • Low app rating
  • Low APYs
  • Few extra features

City First Bank is the only bank focused on community development in Washington, D.C. It was the first D.C. bank to achieve the B Corp certification.

In addition to the B Corp status, Citi First Bank is also a community development financial institution (CDFI). As a CDFI, the bank is focused on underserved communities and affordable housing. Around 80% of its loan portfolio is in real estate and business loans for projects and businesses located in low-income D.C. neighborhoods.

In April 2021, City First Bank merged with Broadway Financial Corporation (CFB). Now known as CityFirstBroadway, it’s the largest black-led depositary institution in the U.S., with over $1 billion in assets.

City First Bank offers checking, savings, and money market accounts. Interest on its checking and savings accounts is at the low end (0.05% on both), but you could still choose City First Bank to support community development in the Washington, D.C. area.

Mascoma Bank

Impact Areas• Affordable housing
• Community development
Minimum Balance$0
Fees• MORE Checking: $0 (with e-statements and direct deposits, otherwise $5/month)
• My Checking: $0 (with e-statements and direct deposits, otherwise $10/month)
• Relationship Gold Checking: $0 (with a $1,500 balance, otherwise $14.99/month)
Accounts Offered• Checking and savings accounts
• Money market accounts
• Certificates of deposit
• Health savings accounts
ATMsAt 28 Mascoma branches

Pros

  • High-yielding checking account option (MORE Checking)
  • Highly rated app

Cons

  • No ATM network outside of branches
  • Very low APY on savings accounts

Mascoma Bank is a mutually owned community bank with branches in New Hampshire, Vermont, and Maine. It has been providing community financing for 120 years. A socially responsible bank, Mascoma Bank donates 10% of pre-tax income to charity.

The bank provides checking and savings accounts, mortgages, and personal loans. The MORE Checking account is particularly attractive. You earn 0.50% in interest for up to $25,000 deposited in the account (it drops to 0.10% on deposits over $25,000.)

However, Mascoma Bank doesn’t belong to any ATM network, so if you regularly withdraw cash and don’t live next to a branch, it may not be the best option for you.

Piscataqua Savings Bank

Impact AreasServing the local community in Portsmouth
Minimum Balance$1
FeesVary
Accounts Offered• Checking and savings accounts
• Money market accounts
• Certificates of deposit
ATMsThousands of SUM network ATMs

Pros

  • Independently owned bank
  • Highly rated app

Cons

  • Limited ATM network

Piscataqua Savings Bank is an independent community bank serving the Portsmouth area since 1877. They offer checking and savings accounts, money market accounts, and certificates of deposit.

In 2019, the Bank became a B Corporation to reinforce its commitment to customers, community, and employees. It is the ninth company in New Hampshire to be certified.

The Bank is also known for supporting the arts in the local community

Southern Bancorp

Impact AreasRural community development
Minimum Balance$0
Fees• Freedom Checking: $0 (with e-statements)
• Lifestyle Account: $0 (with e-statements)
• Personal NOW Account: $0 (with a $600 balance, otherwise $8/month)
• Regular Savings: $0 (with a $50 balance, otherwise $5/month)
Accounts Offered• Checking and savings accounts
ATMsAt 49 branches

Pros

  • Socially responsible bank with multiple credentials
  • Supports rural community development

Cons

  • No ATM network outside of branches
  • Low APYs
  • Low app rating

With $1.6 billion in assets and over 65,000 customers, Southern Bancorp is one of the South’s largest socially responsible banks. It is a member of the GABV, a B Corp, and a CDFI-certified institution. It primarily serves rural communities in the mid-South.

Southern Bancorp offers checking and savings accounts and personal loans. However, the 0.10% APY on interest checking and savings accounts is low.

Further, Southern Bancorp is not part of any ATM networks, so if you want to withdraw cash, it’s easier if you live in Arkansas or Mississippi, where Southern has 49 branches. Online and mobile banking are offered, though the app is not highly rated.

Spring Bank

Impact AreasHelping underserved communities in New York
Minimum Balance$0 (except a $500 minimum balance for the Interest Checking Account)
Fees• Checking accounts: $0 (with direct deposit and e-statements, otherwise $3 – $3.5/month)
• Savings account: $0 (with a $100 balance, otherwise $5/month)
Accounts Offered• Checking and savings accounts
• Money market accounts
• IRAs
• CD savings accounts
ATMs46,000+ free in-network ATMs nationwide (Moneypass and Citibank networks)

Pros

  • High-yielding savings account
  • Highly rated app
  • Good ATM network
  • Community Chest Savings account: Spring Bank matches a percentage of your savings and donates to a nonprofit

Cons

  • Only two branch locations

A B Corp and a certified CDFI, Spring Bank was established in New York in 2007. It supports low-income communities and underserved businesses in the New York City area. The bank has two branches in New York, in Bronx and Harlem. In fact, Spring Bank was the first bank to base its headquarters in the Bronx in over 25 years.

The bank offers several checking and high-yield savings accounts, including the Community Chest Savings account, where Spring Bank matches a percentage of your savings and donates it to a nonprofit. The rates on checking and savings accounts are relatively attractive. Spring Bank also offers IRAs, money market and CD savings accounts. The mobile app is highly rated, and the ATM network is wide.

Sunrise Banks

Impact Areas• Affordable housing
• Diversity and inclusion
• Local community development
Minimum Balance$0
Fees• Key Checking: $0/month
• Rise Checking (no overdraft charges): $3/month (with e-statements)
• Platinum Checking: $0 (with automatic deposits and 15 debit card purchases monthly)
• Simple Savings: $0 (with a $50 balance)
• Advantage Savings: $0 (with a $1,000 balance)
• Premier Savings: $0 (with a $30,000 balance)
Accounts Offered• Checking and savings accounts
• Certificates of deposit
• IRAs
ATMsAt six branches

Pros

  • Socially responsible bank with multiple credentials
  • Highly-rated mobile app
  • High-yielding checking account option for deposits under $10,000
  • UChoose Rewards: earn points that can be redeemed at hundreds of retailers nationwide

Cons

  • No ATM network
  • Low APYs on savings accounts

Serving the Minneapolis and St. Paul areas for three decades, Sunrise Banks has $1 billion in assets and 250 employees. It has a triple socially responsible designation as a B Corp, a certified CDFI, and a member of the GABV.

As a CDFI, Sunrise Banks gives 60% of its loans to distressed communities, focusing on affordable housing, small businesses, and nonprofits. It also aims to reduce the carbon footprint of its loan portfolio in alignment with the Paris Climate Agreement.

The bank donates at least 2% of its profit per year and gives employees 40 hours of paid time off to volunteer for causes like Habitat for Humanity.

Sunrise Banks offers checking accounts, savings accounts, IRAs, and certificates of deposit. The interest-bearing checking account, Platinum Checking, is the most attractive, offering 1.51% on the first $10,000 deposited and 0.25% after that.

The bank has a highly-rated mobile app but lacks branches beyond the six located in the Minneapolis-Saint Paul area.

Virginia Community Capital (VCC Bank)

Impact Areas• Affordable housing
• Diversity and inclusion
• Local community development
Minimum Balance$0
Fees$0
Accounts Offered• Checking and savings accounts
• Money market accounts
• Certificates of deposit
• IRAs
ATMsNone

Pros

  • Support a CDFI with a social mission

Cons

  • No ATM network

Virginia Community Capital (VCC) is a CDFI with offices in Christiansburg, Norfolk, and Richmond, Virginia. VCC was established in 2006 to make a difference in underserved areas around Virginia. VCC invests in areas like affordable housing and solar energy financing.

VCC estimates that it has turned a $15 million seed investment into over $1.8 billion in impact in Virginia, including creating or retaining 11,703 jobs, financing 9,999 affordable housing units, supporting 28 food access projects and funding 19 healthcare facilities.

VCC offers no-fee, no-minimum-balance checking and savings accounts through VCC Bank, though it doesn’t have an ATM network.

Compare socially responsible bank accounts

Monthly fee

 $0

Monthly fee

$0

Monthly fee

Pay What Is Fair

APY

1.01%

APY

0.55%

APY

Up to 1.00%

🔔 Interested in more sustainable bank accounts? Check out our guide to socially responsible banks.