3 weeks ago
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There’s nothing wrong with making money.
And there’s nothing wrong with helping others.
If you can help people, help yourself and truly understand where your money’s going … well, everyone wins there.
That’s the idea behind Good Money, a do-good financial service that offers customers FDIC-insured savings accounts that generate a 2% yield, free ATM withdrawals, no overdraft fees or minimum balance and what they’re calling the lowest consumer loan rates in the country.
The “values-based” GM — founded by Gunnar Lovelace, who also started the organic retailer Thrive Market — will also contribute 50% of its profits to projects fighting social and economic inequality and encouraging environmental stewardship and renewable energy, causes that will be voted on by Good Money’s customers.
Plus, everyone who signs up (there’s a waitlist for the official launch later this year) will receive equity upon opening an account.
So, as the Good Money website puts it, “Suck it, banks.”
While we won’t go that far, a few other socially-minded investment apps to consider:
Vimvest: Save for vacation, retirement or non-profit contributions via everyday spending. Connect your card to the app, and with each purchase an extra dollar (or whatever amount you set) is put toward different personal or societal goals.
EarthFolio: An online platform that screens your investments using up to ten separate environmental, social and corporate governance criteria, such as clean tech and fair labor.
Newday Impact: Financial and social returns. Investments here are made into companies that address ocean health, gender equality, fresh water, global impact, animal welfare and climate action. And launching soon, Impact’s new banking arm offers similarly-minded checking/savings accounts, where your debit card is made from bioplastic. (OpenInvest is also a socially-forward investing platform).
GoodBookey: This one’s for fun and for good. Wager amounts with friends on popular sporting events, with the “loser” donating to the winner’s charity of choice.
For more apps that could help you get rich and make ethical choices, go here.