Does your bank rank among the largest financing institutions for fossil fuels?

Unbeknownst to you, the fossil fuel industry may be financed with your savings

We examine which banks have the most and least effective climate policies.

Many people base their choice of bank on factors like reputation, customer service, trustworthiness, and interest rates.

Most people will open an account without giving it much thought as to why they are able to offer such high savings rates or what their deposits are being used for.

According to recent data, however, a number of high street banks are still funding businesses that are contributing to the climate crisis, while others are reversing their climate pledges.

Researchers from the consumer website Which? looked into 16 current account providers in the UK and evaluated how well they had fulfilled their environmental commitments.

Of the 14 banks, only two impressed the analysts.

Many consumers want to make sustainable decisions, but it can be challenging to determine where their money is actually going in the banking industry due to a lack of accountability and transparency, according to Sam Richardson, deputy editor of Which? Money.

"It's concerning that our most recent research indicates that rather than making headway in this area, many large banks are opting to invest ever-increasing amounts of money in environmentally harmful industries.

We examine the top and bottom banks for customers attempting to stay away from lenders that support fossil fuels.

The worst financiers of fossil fuels.

Chase.

According to the Banking on Climate Chaos report by Rainforest Action Network, Chase, a division of JP Morgan Chase, the world's largest financier of fossil fuels, has the worst climate impact of any bank.

In 2024 alone, the bank made about £53.4 billion (39.79 billion), which was £15 billion (11.16 billion) more than the previous year, according to the report.

Because of its coal, oil, and gas policies, which allow companies actively growing their fossil fuel operations to approach the bank, Chase had by far the lowest climate policy score of any of the 16 banks Which? looked at, at just 10%.

The high interest rates on Chase's savings accounts help it attract retail customers despite its low climate policy ranking. Offering 4 percent interest along with a 1 percent bonus for the first 12 months, its boosted rate easy-access saver is the best easy-access saving account available.

With a goal of £1 trillion for climate initiatives and sustainable resource management by the end of 2030, we are a leading global financier of diversified energy sources to power the global economy, according to a spokesperson for JP Morgan Chase, the parent company of Chase.

Santander.

Whichs analysts gave Santander a climate policy score of 28 percent, making it the second-worst bank for climate impact. This is because Santander's policies permit it to assist companies that are creating new fossil fuel projects.

Which? claims that Santander also releases fewer data on its climate impact than other major banks, despite easing regulatory barriers to corporate financing for coal and oil companies.

In 2024, the bank gave £17.3 billion (12.87 billion) to the fossil fuel sector.

"As a global financial institution, Santander understands the role we play in supporting clients in their transition, fostering inclusive and economic growth for communities and businesses," a Santander spokesperson stated. In addition to helping businesses make the shift to a low-carbon economy, Santander has been funding the expansion of renewable energy capacity for many years.

HSBC, along with First Direct.

Which? gave HSBC, which includes its subsidiary First Bank, a climate policy score of 29 percent despite the company's £16.2 billion (12 billion) fossil fuel investments last year.

Despite pledges to the contrary, the bank increased its fossil fuel funding by £4.22 billion (3.66 billion) in 2024. Furthermore, according to Which?, its coal policy is riddled with exceptions that let polluting companies obtain financing from HSBC.

First Direct and HSBC have been contacted by the BFIA for comment.

The Barclays.

Last year, Barclays invested £35.4 billion (26.34 billion) in the fossil fuel sector, which is approximately £12.6 billion (9.36 billion) more than it did in 2023. With regard to climate policy, it scored 35 percent on Which?

The bank only prohibits customers who derive more than 30% of their income from thermal coal mining or power from obtaining financing from them, and it also excludes certain coal developers from its climate impact restrictions.

In the Banking on Climate Chaos "Dirty dozen" list of the world's leading fossil fuel financiers, it ranks tenth, making it the only European bank.

"Barclays is dedicated to its goal of becoming a net zero bank by 2050 by assisting our clients with their transition, funding their transition, and scaling climate technology," a Barclays spokesperson stated. While many of the economies we serve move toward renewable energy, many still rely on conventional energy for dependable and reasonably priced power. Barclays is meeting our goal of facilitating £1 trillion in Sustainable and Transition Finance by 2030 by financing the expansion of clean energy while meeting present energy demands.

The others.

Compared to the previous four banks, the following banks received significantly higher scores for their climate policies; however, Which?

The Lloyds Banking Group, which consists of Lloyds, Halifax, and Bank of Scotland, was able to reduce its fossil fuel financing last year, contributing £1.06 billion (1.19 billion), which is £673 million (500.68 million) less than it did in 2023. Nevertheless, it did result in a £572 million increase in financing for oil and gas expansion (425.48 million). It received a 45 percent rating for climate policy.

NatWest, which includes Royal Bank of Scotland, achieved a climate policy score of 46% because of its robust deforestation policies and more open climate reporting. However, it did raise its financing for fossil fuels by £615 million (457.32 million) to £2.7 billion (2 billion) in 2024.

Lastly, compared to the majority of other major banks, Danske Bank made a £1.33 billion (966.77 million) contribution to fossil fuel financing in 2024. Its strong fossil fuel policies helped it achieve a 47 percent climate policy score, but "weak" commitments to the processing, storage, and transportation of gas and oil keep it lower on the Which? ranking.

BFIA has requested comments from Danske Bank, NatWest, and Lloyds Banking Group.

Which? has compiled a list of the worst banks that finance fossil fuels.

As of October 2025, Which?

The top eco-banks.

Only two of the 16 banks that Which? examined impressed their researchers enough to receive the company's endorsement.

Bank Co-Operative.

Because the Co-Operative Bank has set high ethical standards for itself and has no exposure to fossil fuels in its banking operations, Which? has given it an endorsement.

The bank's policy is to be open about measuring and reporting its emissions while also refusing to finance "the unsustainable harvest of natural resources," which includes fish, palm oil, and timber.

The Triodos Bank.

Which? also praised Triodos Bank for its high transparency and lack of involvement in financing fossil fuels.

To allow customers to see exactly what their deposits are financing, the bank makes its entire loan portfolio available online.

Which? praises its emphasis on renewable energy and gives it high marks for efforts to stop deforestation. Additionally, the independent Science Based Targets initiative (SBTi) has validated Triodos' specific climate goals for 2030 and 2035.

Those who simply missed out.

Some well-known banks just missed out on getting an eco-endorsement this year, while Which? only gave out two.

Although they are making progress in reducing their exposure to the fossil fuel industries, Allied Irish Bank (AIB), Bank of Ireland, Metro Bank, Nationwide Building Society, Starling Bank, and TSB still need to do more, according to Which?

Monzo is also prevented from being endorsed by a lack of hard data because it has no specific climate policies or targets other than reaching net zero by 2030, according to Which? Nevertheless, Monzo never uses consumer deposits to finance businesses, including those that use fossil fuels.

Finally, because Virgin Money, which it acquired in 2024, has only a small amount of exposure to the fossil fuel industryroughly 1% of its business lendingNationwide Building Society also nearly received an eco-endorsement from Which? but narrowly lost out.

For the benefit of our communities and society at large, "environmental and climate consciousness are core to Nationwide's strategy and align to our mutual purpose," a Nationwide/Virgin Money spokesperson stated. We are "exploring how we bring the benefits of business banking to more customers across the Group over time, but our ambition to minimise our environmental impact will not change," they added after acquiring Virgin Money.

The spokesperson went on: "We are focused on lowering emissions from our business sectors that emit the most, and we have internal controls and procedures, such as our sensitive sector policy. Businesses that directly profit from the extraction of oil and gas are not directly exposed to us. Approximately 4% of our business loans go to companies that facilitate the energy transition, while only 1% go to companies that supply field services to the oil and gas sector.

According to an AIB spokesperson, sustainability "is at the heart of everything we do" and "greening our business" is one of the organization's three strategic priorities.

"By lowering our own carbon footprint, offering our clients high-quality advice, encouraging green homes and businesses, and funding large-scale infrastructure like renewable energy projects in Ireland, the UK, and abroad, AIB is fast-tracking our transition to decarbonization," they continued. Since the fund's launch in 2019, AIB's 30 billion Climate Action Fund has deployed 191 billion in green and transition finance, including 2.5 billion in the first half of 2025, which accounts for 36% of all new lending during that time.

A representative for TSB stated: "As a stand-alone retail bank in the UK, clients can trust TSB's strong, globally acknowledged environmental impact commitments. Which?'s investigation into environmentally harmful practices does not involve us.