Bank Australia deposit products

Product Name

Bank Australia deposit products

Issuer

Bank Australia

Category

Banking product

Type

Banking

Target

Retail

Certified Since

2016

Certification Symbol

Responsible Investment

Asset Classes

Cash

Markets

Australia

Investment Approaches

Negative Screening, Positive Screening, Bank Australia has made a public commitment that it has not made and will not make any loans to the fossil fuel industry

It Includes

  • Riaa icons 15 Social & community infrastructure

It Excludes

  • Riaa icons 33 Fossil fuels

Overview

Bank Australia's deposit products are socially and environmentally responsible and still competitive relative to the major banks. For example, prospective lending customers are assessed by the bank to ensure they are able to assume their debt obligations without suffering financial hardship, the bank invests 4% of its after tax profits in projects with a positive social and environmental impact, the bank mitigates the social and environmental impacts of its operations and screens potential loans and investments for negative social and environmental effects, for example, excluding loans to the fossil fuel industry.


Description


By depositing funds with Bank Australia, customers are:

  1. Contributing to a pool of funds which is primarily sourced from other depositors in Bank Australia (an important part of the bank’s stable, customer-owned business model).
  2. Entrusting their deposit to a bank which is run in a responsible manner, for example, by:
    • Striving to ensure their money is lent (invested) in a socially and environmentally responsible way, by for example, not making any loans to the fossil fuel industry;
    • Returning profits to its customer/owners through competitive fees and interest rates;
    • Ensuring that its products are socially impactful and still competitive relative to the major banks (CANSTAR compared pricing on our deposits, loans and transactions at 30 June 2016 with the average pricing of the four major banks and valued the pricing benefit to our customers at $33.2 million); 
    • Allocating 4% of its profits to the Bank Australia Impact Fund, including in the Bank Australia Conservation Reserve;
    • Mitigating the environmental and social impacts of its operations; and
    • Creating and keeping jobs in Australia.

Other products certified by this organisation

Bank Australia mortgage products

Find out more