Gives Back

Giving back can be a great way to feel rewarded and fulfilled. Whether through financial donations to a favored charity or volunteering with a local non-profit, you can give back in a variety of ways that are best suited to you.

What many people don’t consider, though, is the impact of investing their savings with financial institutions that give back. In fact, many banks and credit unions across the country are also now proactively involved in charitable activities such as donations to non-profit organizations, community outreach programs, and employee volunteerism.

Selecting a financial institution that gives back means that you can now make charitable causes part of your savings strategy.

Key takeaways

  • Charitable banking: Charitable banking is the practice of prioritizing socially conscious donations and volunteer efforts.

  • How it works: By supporting socially responsible projects and organizations, banks that give back are putting their profits to work for the community at large.

  • Why it matters: Philanthropic banking gives space to customers’ personal ethics and allows you to “do good” with your money.

What’s on this page

  1. What does giving back mean for a bank or credit union?

  2. How do financial institutions practice ethical banking?

Let's explore the idea of giving back in the financial sector and the importance of social and environmental responsibility in the banking industry.

What does giving back mean for a bank or credit union?

Charitable banking is a practice in which banks and credit unions have prioritized giving back to their community. This can include having their own charitable fund that gives to causes they value, a scholarship fund to help local students realize their dreams of higher education, or encouraging employees to volunteer with a local nonprofit.

Generally, this sort of charity work is part of the business model for these banks and credit unions.

Why is philanthropic banking important?

Ethical practices and charitable activities in banking are important for several reasons:

  • It promotes sustainable and responsible financial practices that prioritize the welfare of all stakeholders, including customers, communities, employees, and the world at large. It can help build trust and credibility with customers and lead to stronger and more meaningful relationships.

  • Ethical and charitable activities can contribute to positive social and environmental change by supporting projects and companies that promote sustainability, social justice, and economic development. This allows financial institutions to have a tangible impact on the world beyond just making profits.

  • Ethical banking can help mitigate risks and enhance business reputations. By investing in socially responsible projects and companies, financial institutions can avoid negative impacts associated with industries or businesses that are harmful to people or the planet. Similarly, charitable activities can add to the positive reputation of an institution and help build positive relationships with customers and stakeholders.

Spotlight on charitable banks

Actions speak louder than words, and so is the case with banks that give back.

It’s not enough for a charitable bank to claim ethical standards without fully committing to the rigors that ethical financial practices entail. Nor is it enough for a bank to try and transform itself overnight by putting on airs about ethics and morality. Genuinely ethical banks have long and verifiable histories of honesty and hard work behind them. 

Take the case of Ponce Bank. This unique institution, headquartered in the Bronx, New York, has been in existence for over 60 years. In all those decades, it has acquired the formidable reputation of a bank committed to serving the local community, especially its underprivileged sections. Its lasting commitment to social causes can be gauged from the educational service it runs under the name of Ponce University, which helps people with the knowledge and skills necessary for informed financial decision-making. 

Or take the case of Lemmata Savings Bank, a digital-first operator committed to supporting charities while helping you grow your savings. Yet another example is the Liberty Savings Bank, which has a long history of supporting organizations dedicated to building affordable homes. 

All of these banks are committed to giving back to their local communities.

Grow your savings by giving back to society

Does it make good financial sense to partner with a bank that believes in ethical practices, charitable causes, and other philanthropic banking activities? Yes, as long as the bank is truly committed to serving their community! 

At Raisin, we understand that it’s one thing to claim to give back and quite another to do so meaningfully and efficiently. That’s why our financial platform hosts banks and credit unions that have a history of success with their philanthropy and giving back.

Our easy-to-use marketplace allows you to choose banks and credit unions that give back in order to build the best savings strategy. What’s more, we enable you to handle multiple accounts with different banks and credit unions from a single login.

Ready to get started? View all offers today.

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