Table of Contents: Masthead StickySummary List PlacementShould you bank with Ando?
You might like Ando if you …
You might not like Ando if you …
Are comfortable banking digitally
Want your deposits to go toward efforts to fight climate change
Would like to receive paychecks early (feature goes live April 15)
Prefer to bank in person
Want to open a joint account or order a secondary debit card
Want to find the highest online savings rate
The bottom line: Ando is a solid online banking platform. Its strongest feature is that is uses your deposits to invest in companies that help the environment.
Ando Spending Account review
Ando Spending Account
Ando Spending Account is a solid checking account, with no minimum opening deposit or monthly service fees. Not all online banks give you a way to access cash, but Ando lets you deposit cash at GreenDot locations in places like CVS, Kroger, and Rite Aid. Just know that GreenDot typically charges a few dollars for deposits.
Ando Savings Account review
Ando Savings Account
Like its checking counterpart, Ando Savings Account doesn’t charge monthly fees or require a minimum deposit to get started. It pays Ando Savings Account. While this is more than what you’ll earn with most brick-and-mortar banks, you will earn more with online high-yield savings accounts.
How Ando fights climate change
When you deposit money at a typical bank, the bank doesn’t keep most of that money in the building. It uses that money to make investments or provide loans for customers to buy cars, homes, and other big-purchase items. The bank has full discretion over how it uses the money.
You probably have no idea what your bank uses your deposits for — and there aren’t always easy ways to find out.
Ando CEO/founder JP McNeill describes many banks’ investments and loans as “brown securities.”
“These are loans and securities that are contributing to the degradation of the environment and the increase in emissions,” he told Insider. “Whereas the very small percentage are green loans or green bonds that are going to do the exact opposite.”
It could be as simple as a bank giving someone a car loan for a Toyota Sequoia, one of the worst vehicles for the environment.
But Ando promises to a) only invest in green initiatives, and b) provide transparency about how it’s using your deposits.
In Ando’s Impact Center, you can see how much impact your deposits are making on the environment, expressed by a number of trees planted. (Ando isn’t only using your money to plant trees, but the tree visual can help you understand your impact.) You can invite friends to use Ando. When you do, you’ll see their environmental impact, and the impact of the people they invite.
McNeill said this can help you understand the impact of sustainable banking. Even if you don’t have much money to deposit with Ando, the combination of your money and your friends’ money can make a lasting difference.
In the Impact Center, Ando breaks down how your deposits are being used in more detail. For example, you could see that …read more
Source:: Business Insider