Magazine

Does Your Bank Align With Your Values?

By Sallie Krawcheck

Well, hello, you world-changing women+.

At Ellevest, we love to say: Nothing bad happens when women have more money.

Proof? More than 50% of you using Ellevest’s digital investing platform are invested in Ellevest Impact Portfolios. Also known as “ESG,” these are investments that direct dollars to companies with strong environmental, social, and corporate governance criteria.

In other words, they’re multi-taskers in the world of investments — working to improve businesses, and thus the world, while also working to earn returns.

For so long, it was taken as an irrefutable fact that you had to “give up” investment returns in order to invest for impact. We disagreed with that; and in fact, since we launched them, impact portfolios have performed just as well as our non-impact (aka “core”) portfolios. (Important note: You may have heard the phrase “past performance is not guarantee of future results,” and that holds here.)

When we first launched impact portfolios, only 20% of people chose that option. Part of their growth comes because we worked to make the option more prominent; it’s also because it is becoming a broadly more popular way to invest.

And we’re here for it. But that’s not all we’ve got for you.

Another offering at Ellevest that may do double duty of aligning with your values: our banking deposits. When you deposit money into a banking account, it doesn’t all just sit there — the bank uses some of it to lend to other people, other banks, etc, and earn income from the interest they collect. The question is: Who are they lending to? What is that money indirectly supporting?

Over the years, some of you have expressed concern that your bank may be making loans to gun manufacturers or private prisons or frackers, and that your deposits could thus be supporting those companies.

When you use your Ellevest Save and Spend accounts,* your banking deposits are never loaned to:

  • Oil and gas lending for exploration or production

  • Exploration, mining,
 or production of coal

  • Manufacturers or direct sellers of firearms

  • Manufacturers or wholesale distributors of tobacco products

  • Manufacturers or wholesale distributors of palm oil as a commodity

  • Private prisons or businesses that operate private prison facilities

Here’s another thing we love to say at Ellevest: Money is power.

Exercising that power can look like a lot of different actions — or inactions. And every dollar we spend, save, or invest has an impact, good or bad. Like choosing not to give your hard-earned dollars to companies that don’t align with your values.

And we’re here for that, too.


Sallie Krawcheck Signature


*When you become a member and activate your Ellevest Save and Spend accounts, all banking products and services are provided by Coastal Community Bank. They’re also FDIC insured and charge zero hidden fees. And, btw, you can earn cash back and automatically round up the extra change on your Ellevest debit card purchases into your Ellevest Save account.

Calculated as percentage of clients who have invested via Ellevest’s digital platform with at least one goal invested in an Ellevest Impact Portfolio. Data as of September 30, 2021.

Calculated by Ellevest, gross of fees and including annual rebalancing. Data through September 30, 2021.

Calculated as percentage of clients who have invested via Ellevest’s digital platform with at least one goal invested in an Ellevest Impact Portfolio.

Together, the Ellevest Save and Spend accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC. Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

© 2021 Ellevest, Inc. All Rights Reserved.

Banking products and services are provided by Coastal Community Bank (“Coastal”), member FDIC, pursuant to license by Mastercard International. Together, the Ellevest Save and Spend accounts are FDIC-insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.

Funds held in your Ellevest investment accounts are not FDIC insured, not guaranteed by Coastal, and may lose value. Ellevest does not guarantee investment performance. Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

If you activate the Ellevest roundup feature for debit card purchases, each settled (i.e. fully completed) purchase transaction made with your Ellevest Debit Card will be rounded up to the nearest whole US dollar. The amount rounded up will be transferred from your Ellevest Spend account to your Ellevest Save account (a "Transfer"). Foreign purchases are rounded up to the nearest whole dollar after the purchase is converted to US dollars. ATM withdrawals and transactions in whole US dollars, e.g. $20.00, are excluded from the Ellevest roundup program. If, at the time of settlement of a purchase, your Ellevest Spend Account has insufficient available funds to cover the full amount of the Transfer, the Transfer will not be made. If a purchase is canceled or reversed for any reason (including disputes), the corresponding Transfer will not be reversed. You can opt out of the Ellevest roundup feature at any time.

The Ellevest Rewards program is powered by Dosh®, an unaffiliated third-party provider, which offers Ellevest banking members cash back on Ellevest debit card purchases from select merchants. Each Ellevest Rewards, Powered by Dosh program offer is available for a limited time only for qualifying purchases at participating merchants (subject to the particular offer and full program terms). Cash back percentages will vary and offers may become unavailable without notice. Additional terms, conditions and exclusions apply and can be found in the Ellevest Membership Terms and Conditions Agreement.

All opinions and views expressed by Ellevest are current as of the date of this writing, for informational purposes only, and do not constitute or imply an endorsement of any third party’s products or services.

The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.

The information provided does not take into account the specific objectives, financial situation or particular needs of any specific person.

Investing entails risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time.

Ellevest Membership fees are as follows: Ellevest Essential is $1 per month, Ellevest Plus is $5 per month, and Ellevest Executive is $9. Other fees as described in Ellevest’s Wrap Fee Program Brochure and the Ellevest Membership Terms and Conditions Agreement will continue to apply.

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Sallie Krawcheck

Sallie Krawcheck is the Co-Founder & CEO of Ellevest. Her life’s mission is to help women to reach their financial and professional goals.