Ecology Building Society has received a Good Egg mark, a label for financial services companies that can prove they make a positive impact, from Good With Money.
The award, which recognises the organisation’s “genuinely impactful” commitment to the environment, comes one month ahead of Good Money Week, a UK-wide event that celebrates ways people can make money and make a difference when it comes to their bank, pension, savings and investments.
Responsible finance site Good With Money launched the Good Egg mark in 2017 to make it easier for people to find financial providers that offer a good deal for their pockets, as well as for people and the planet.
Since launch, the Good Egg mark has been awarded to seven firms, including Ecology Building Society, that demonstrate an overall positive impact: Triodos Bank, Abundance Investment, EQ Investors, Thrive Renewables, Pennine Wealth Solutions and Downing Crowd (you can see the full list and reports about each here).
Ecology Building Society is dedicated to building a greener society by providing mortgages for properties and projects that respect the environment and support sustainable communities, funded through its range of simple, transparent savings accounts.
Find out more about Ecology Building Society’s range of mortgages and savings accounts here
The Society began in 1981 through the efforts of a group of like-minded people committed to building a more sustainable future. To achieve this they decided to form a building society that could help finance environmental building renovations and support sustainable development.
Since then, Ecology has expanded the reach of its lending, but remains committed to its mission and ethical principles.
Paul Ellis, Chief Executive of Ecology Building Society, said: “We’re proud to be at the forefront of the most exciting type of finance there could be: using money to make a positive difference for people and the planet. The award of the Good Egg mark shows that our approach to providing ethical savings and sustainable mortgages is hard wired into the way we do business and demonstrates how we are delivering on our mission to build a greener society.”
The Good Egg advisory panelists commended Ecology for its positive environmental impact and its strong relationships with its customers.
Panellist and former Move Your Money project manager, Fionn Travers Smith, said: “Ecology has long been a leading light of the ethical and alternative banking movement, and it’s a pleasure to see the building society continue to uphold that legacy and deliver genuinely impactful and value added services for a range of customers. Ecology is a brilliant example of what the Good Egg institution should be all about.”
The panelists provide a further level of rigour following a Good Egg company’s rating by Good With Money’s research partner, Ethical Screening. The Good Egg advisory panel also includes John Fleetwood, founder of leading sustainable fund analyst 3D Investing.
Fleetwood commented: “I’ve known and worked with Ecology Building Society for a long time and in my opinion they make a very worthy addition to the list of Good Eggs.”
Companies must apply to be assessed for a Good Egg mark.
Following detailed analysis against a matrix of multiple criteria, Ethical Screening produces a report on each provider applying for the mark. The purpose is to determine how well a provider measures up against a range of different environmental, social and industry impact factors, taking into account the size and history of the firm and its performance. Not all companies applying for a Good Egg will be granted one.
Lisa Stanley, co-founder of Good With Money, said: “A Good Egg is a mark that can only be used by companies like Ecology that are able to prove they make a positive impact, not just by making things easier for its members, but challenging the status quo while benefiting society and the environment, too.
“Look for a Good Egg if you want to have a savings account, savings account, insurance policy, or mortgage from companies that do the right thing.”
The case for a Good Egg
Good With Money worked with the UK Sustainable Investment and Finance Association (UKSIF) to develop the Good Egg mark, following research that revealed 63 per cent of UK consumers wanted a label to identify ethical or sustainable financial products. Over 40 per cent of respondents said it would make them more likely to buy a financial product, rising to 53 per cent of 18-24 yr olds. Additionally, 60 per cent of UK consumers believe the financial sector can deliver high returns while investing responsibly – a belief supported by mounting evidence.
In further research conducted by Opinium for Good With Money in 2017, 36 per cent of people said that they would be likely to choose a financial provider holding the Good Egg mark. A quarter (25 per cent) of those surveyed thought the mark demonstrated that the provider holding it would be ‘a responsible company’; 24 per cent thought it would be ‘a company I can trust’, and 22 per cent thought it would be ‘a fair company.’