Looking for a B Corp bank? There are options
If you’re one of the many Aussies looking to make their finances green, then you might want to add B Corp certification to your checklist when deciding on a financial provider.
What is a B Corp certification?
The B Lab is a not-for-profit organisation that aims to hold businesses accountable for how they impact the environment, treat employees and give back to the community.
When a business has a B Corp certification that means they’ve ticked all the boxes and gained the right to hold the certification.
Qualifying for a B Corp certification is quite rigorous; there are only about 4,000 certified companies around the world. In Australia, only 450 businesses are certified.
Some certified companies might be names you might recognise like reusable coffee cup creator KeepCup, outdoor apparel and equipment retailer Kathmandu and footwear brand Allbirds.
Below are some banking institutions that have earned the B Corp certification.
What are some certified B Corp banks?
Currently, there are five banks in Mozo’s database that are B Corp certified. Most of these financial institutions offer a wide range of services like loans, savings accounts, credit cards and everyday banking.
| Bank | Year certified |
| Teachers Mutual Bank | 2022 |
| BankVic | 2020 |
| Bank Australia | 2020 |
| Beyond Bank | 2015 |
| Australian Mutual Bank | 2022 |
How do I choose a B Corp certified bank?
For starters, picking a bank is something you choose based on your needs. Everyone’s financial situation is different and not all banks offer the same thing.
- Potential account fees
- Interest rates for a savings account
- If they offer extra benefits like loyalty points or bonus rates
- If they have monthly requirements
- Minimum or maximum balance requirements.
To learn more about banking check out Mozo’s banking guides. Alternatively, you can check out our family finance page to learn more ways to make your finances greener.
^See information about the Mozo Experts Choice Bank Account Awards
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