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Switching to an ethical bank account and moving an investment fund are separate tasks. For a participating UK current account, the free Current Account Switch Service (CASS) can move eligible payment arrangements in seven working days. It does not transfer savings accounts, ISAs or investments. For funds, compare the investment’s aims and disclosures, then ask both providers about the specific transfer process, costs and account-wrapper implications before giving instructions.
Decide what “ethical” means to you
There is no single definition that fits every saver or investor. Write down the issues you want your money to address or avoid, such as climate, labour rights, human rights, weapons or corporate governance. Then decide what evidence would count: for example, exclusions, engagement with companies to improve their conduct, or measurable social or environmental outcomes.
Check a bank’s published policies and, where available, its lending or investment approach, ownership and governance. A provider’s ethical positioning is a claim to verify, not proof that it meets your priorities. CASS moves eligible payment arrangements; it does not assess banks’ ethics or recommend accounts. See the Current Account Switch Service’s description of its role.
Compare current accounts before switching
Choose an account that matches both your priorities and everyday needs. Check the provider’s current terms directly, including eligibility, charges, access to cash, overdraft requirements, joint-account arrangements and payment methods. Also check provider status and relevant protections independently; an ethical policy is not a substitute for checking how your money is protected.
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- Ethical policy: What does the provider say it will and will not finance, and how does it report its approach?
- Practical fit: Can you use the account for the access, payment and overdraft needs you actually have?
- Switch support: Do both providers participate in CASS, and does the new account accept you?
These are comparison criteria, not a universal ranking. Policies and account terms can change, so check current provider documents rather than relying on a brand name or an old description.
Switch a participating current account with CASS
CASS is a free service for regular current accounts at participating providers. Pay.UK says a guaranteed switch takes seven working days. The service handles eligible Direct Debits, standing orders, salary payments and incoming payments, and redirects payments mistakenly sent to the old account. Its service page sets out the scope and guarantee.
- Confirm participation and open the new account. Check that both your existing and chosen providers participate in CASS and that the new provider has accepted your application.
- Request the switch through the new provider. Follow its current instructions and agree the switch date. CASS handles the eligible payment arrangements included in the service.
- Keep a record and check the new account. Monitor incoming payments and outgoing arrangements after the move. The CASS guarantee says charges or interest incurred because of a switching problem will be refunded. The new bank decides whether any compensation beyond that refund applies.
CASS does not switch savings accounts, ISAs or non-sterling payment accounts. Contact the relevant provider separately about those products.
Evaluate a sustainable investment fund
First match the fund’s stated approach to the outcome you want. Excluding certain investments, encouraging companies to improve through engagement, and targeting measurable impact are different strategies; a fund may also combine approaches. Check its objective and investment policy, actual holdings, stewardship and escalation approach, performance and risk disclosures, fees, and diversification. Neither a fund name nor the term “ESG” by itself establishes that its investments align with your priorities.
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What the four UK sustainability labels mean
The FCA’s labels describe different sustainability aims for funds that use them:
- Sustainability Focus: invests mainly in assets considered environmentally or socially sustainable.
- Sustainability Improvers: invests mainly in assets with potential to improve their sustainability over time.
- Sustainability Impact: aims to achieve positive, measurable environmental or social outcomes.
- Sustainability Mixed Goals: combines two or more of the other label objectives.
For an in-scope product using a label, FCA criteria include a clear, specific and measurable sustainability objective and at least 70% of the product’s assets invested in line with that objective under a robust, evidence-based standard. The criteria also cover key performance indicators, governance and resources, and stewardship arrangements with an escalation plan. The FCA’s guidance on using sustainability labels explains the requirements.
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Interpret labels and claims carefully
A label is a disclosure aid, not a blanket ethical certificate. The FCA oversees the regime but does not approve or endorse a fund’s use of a label. Labels are voluntary for funds that meet the criteria. A fund without one is not automatically unsuitable: it may make sustainability claims without using a label, or it may fall outside the regime. Read its consumer-facing disclosure and check what supports its claims. The FCA says sustainability-related claims by regulated firms must be fair, clear and not misleading. Its consumer guide to labels and greenwashing explains how to assess them.
Coverage depends on the product’s scope and domicile. The regime applies to in-scope products, including UK UCITS and UK AIFs; overseas-domiciled funds using sustainability terms are not necessarily subject to the UK regime. Some pension funds and other product types may also be outside scope. Check the fund’s domicile, legal structure, account wrapper and applicable disclosures rather than inferring coverage from its name. The FCA sets out the scope of the Sustainability Disclosure Requirements regime.
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A current-account switch will not move investments. Before starting an investment transfer, contact both providers and ask about the specific holding and account. Confirm the transfer method, costs, dealing restrictions and any consequences for the account wrapper before issuing instructions. The available evidence does not establish universal transfer times, exit fees, tax outcomes or whether a particular investment can be transferred in specie, so do not assume the process or consequences are the same across providers.
Take particular care with pensions or complex investment arrangements: a transfer can have implications that depend on your circumstances and the specific product. Consider regulated financial advice where appropriate. A fund’s sustainability aims do not guarantee a particular real-world impact or investment return.
Use a like-for-like checklist when comparing funds
- Objective: Does the fund’s stated sustainability aim match your priorities?
- Approach and evidence: Does it exclude, engage, target impact or combine approaches, and do the holdings and disclosures support that description?
- Label and scope: If it uses an FCA label, does the objective and disclosure explain what the label means? If it does not, do you understand why and what evidence supports its claims?
- Costs and risks: Compare fees, dealing or transfer costs, risk and diversification alongside sustainability characteristics.
- Account fit: Check whether the investment is suitable for the ISA, pension or other wrapper you intend to use.
A fund may suit one ethical priority better while carrying different costs or investment risks. The right comparison depends on your objectives and circumstances, not on a single label.
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