Would you mind if you found out that your bank was investing your money in something you thought was unethical or irresponsible? And would you sacrifice the best interest rate to be sure your money was being invested in something worthwhile?
According to new research conducted by Vision Critical for Charity Bank 78% of us don't know where banks invest our money, and only 51% say they care where their ISA deposits are invested.
The survey, which polled more than 2,000 UK consumers, found that only 13 percent of respondents were aware that an ISA exists which invests 100% of their money in helping charities and community organisations. The ISA in question, Charity Bank's notice cash ISa pays 2.5% and in a Which? Best Rate account.
Charity Bank chief executive Malcolm Hayday said: 'The survey results show that people do care where their savings go, but there is still a lot of work to be done to raise the profile of ethical banking.
'There is still a lack of knowledge and understanding of ethical saving amongst the general British population. It is our responsibility to educate the public about the importance of ethical saving – and how easy it can be to do!'
The research is published as Charity Bank launches an education campaign, named 'Think ethical, save ethical'
, in the run up to this year's National Ethical Investment Week (NEIW), which starts on 16 October. To find out more about ethical investing, have a look at the NEIW website.
Which? principal researcher Martyn Saville commented: 'For some consumers, the return on their savings is the most important factor, while for others it's important to know that their money is invested in a socially or environmentally responsible manner. Luckily, you can now have both.
'Banks like Charity Bank and the Co-operative Banking Group show that it is possible to offer top-value products as well as a clear ethical policy. Charity Bank offers a Best Rate children's savings account and notice cash Isa, while the Co-operative is a Which? Recommended Provider for savings.'
For more information about how to choose an ethical investment, you can read the Which? guide here.