A new sustainable money app has launched offering a free personal account and debit card to climate-conscious consumers.
B Corp-certified app Zero offers an ethical alternative to the ‘Big 5’ high street banks, which in 2023 alone invested £20 billion in companies that are expanding fossil fuels.
Zero not only won’t invest your money in harmful activities, it is committed to helping shape a financial system where money is used as a force for positive change.
Richard Theo, Zero co-founder and CEO, said: “Our vision is a world where money is a force for the good of the planet, where money will never be used for anything that’s harming the planet such as fossil fuel production or deforestation.”
Zero aims to offer similar digital features to popular app-based banks such as Starling and Monzo, while also helping customers use their money more sustainably.
Theo, a serial entrepreneur who founded robo-adviser investment app Wealthify, said.”We’re aiming to fill a much-needed gap between digital banking features and effortless sustainability that simply isn’t available currently.”
Research commissioned by Zero has revealed almost two thirds (61 per cent) of Brits believe banks have a responsibility to help combat climate change. A similar number (59 per cent) want their own bank to use their money in a way that is good for the environment.
Just over half (51 percent) of those polled by Opinium feel individuals can make a positive contribution towards climate change with how they manage their finances. And yet only two in five (42 percent) feel their bank is committed to tackling climate change.
Measure your money’s carbon footprint
Zero says its free app helps people effortlessly make their money work for the good of the planet. A key part of this is its unique ‘GreenScore’ feature, which measures the carbon footprint of a customer’s money as a simple score. It then offers tips on affordable ways to reduce this score.
GreenScore tracks the carbon impact of a customer’s spending through their Zero debit Mastercard. If they choose to link other accounts and cards through Open Banking, the overall impact of their finances can be calculated too.
Zero plans to go even further in its next stage of development by enabling its users to contribute to projects that are tackling the climate and nature crisis.
A Zero account comes with no fees and the Mastercard can be used abroad free of the usual ATM or point of sale charges. The app has launched under e-money regulations but says it is looking at applying for a full UK banking licence in order to offer a wider range of products and services such as sustainable loans.
You can apply for an account with Zero via the App Store or Play Store now.
Zero is also offering its customers the chance to invest in the businesses via the crowdfunding platform CrowdCube.
Lisa Stanley, co-founder of Good With Money, is chief sustainability officer for Zero.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong.
