This 'Green Bank' Savings Account Fights Climate Change With 5.15% APY

Did you know that one of the most important moves you can make to fight climate change is choosing a better bank account? That's right: where you keep your money matters for climate change. Some big banks might use your bank account deposits to help fund loans for fossil fuel companies -- oil wells, coal mines, and other projects that emit tons of carbon dioxide.

If you want your money to fight climate change -- while also earning high interest on your savings -- check out Forbright Bank, a (mostly) online bank with a focus on sustainability.

Let's look at why Forbright Bank could be a great place to keep your savings while helping the planet.

What is fossil-free banking, and why does it matter?

When banks keep pumping more money into carbon-intensive industries, they might make money in the short run -- but in the long run, they are driving our planet toward unbearable levels of heating and widespread catastrophe. Some banks are taking a different approach: they are "fossil-free" banks.

Our Picks for the Best High-Yield Savings Accounts of 2024

SoFi Checking and Savings APY up to 4.60% Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. Min. to earn $0 Open Account for SoFi Checking and Savings Member FDIC.	APY up to 4.60% Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.	Min. to earn $0
Synchrony Bank High Yield Savings APY 4.75% Rate info Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC Min. to earn $0 Open Account for Synchrony Bank High Yield Savings Member FDIC.	APY 4.75% Rate info Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC	Min. to earn $0
Capital One 360 Performance Savings APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings Member FDIC.	APY 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0

Forbright Bank is one of these green banks on a mission to fight climate change. It's a small bank with just a few branches in Maryland and Virginia, but Forbright Bank is trying to make a big difference by funding solar panels, affordable housing, and other sustainable investments. And Forbright Bank is Fossil-Free Certified, part of an alliance of banks and credit unions that have pledged to not fund any fossil fuel projects.

Instead of lending customer deposits to big oil companies, fossil-free banks like Forbright Bank are trying to use customers' deposits to help fight the climate crisis.

Forbright Bank: 5.30% APY savings account

Forbright Bank is not just a "green bank" in terms of the environment; this bank is trying to put more "green" (money) in your bank account. The Forbright Bank Growth Savings account is currently paying 5.30% APY -- this is one of the best savings accounts offered by climate-friendly "green banks."

Forbright Bank is a member of the FDIC, and was established in 2003. Even if you don't live near the bank's branches in Maryland and Virginia, you can open a savings account online. If you care about the climate, and also want to earn the highest possible yield on your savings, Forbright Bank could be a good choice. The Forbright Bank Growth Savings APY ranks among the best savings accounts and best money market accounts.

Forbright Bank CDs: Up to 5.30% APY

What if you want CDs instead? Forbright Bank has you covered. This green bank offers CDs with high yields of up to 5.30% APY (for a 9-month term CD) and 5.25% APY (for a 12-month CD).

Forbright Bank requires a minimum opening deposit of $1,000 for all its CDs. But these are excellent rates -- the APYs are better than some of the best CD rates identified by The Ascent. And you'll have the peace of mind of knowing that your money isn't being used to make climate change worse.

Bottom line

It really is possible to do the right thing for the planet while making more money for yourself. You don't have to settle for near-zero interest rates from big banks that are quietly siphoning your money to big polluters. Instead, you can earn 5.30% APY (or more) with a savings account or CD from fossil-free Forbright Bank. Learn more at forbrightbank.com.