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April 17, 2007

prime green

Posted by john_d at 02:25 PM ET

(image courtesy Citizens Bank of Canada)

At my office today, I stumbled upon the press conference launching Citizens Bank of Canada's new Green Mortgage product. They have partnered with the Conservation Council of Ontario (who are co-tenants of mine at the Centre for Social Innovation in Toronto) and Green$aver to create a mortgage that combines a competitive lending rate with enviro-feel-goodness.

Take out a Green Mortgage with Citizens Bank and you also get a rebate on a Green$aver Home Energy Audit, and a new lidded curbside blue box filled with enviro-products, coupons and gift certificates worth almost $900. As well, they offer a low-rate $10,000 line of credit to help home owners follow energy audit renovation suggestions.

While they don't do this just yet, questions at the conference today suggest Citizens Bank may take the Green Mortgage further and look at discounted rates for already efficient homes, and location discounts for folks choosing to lower their nasty emissions by living close to transit and dense urban cores.

Most importantly, IMO, Citizens Bank gives a $100 donation to the Conservation Council of Ontario for every Green Mortgage sold -- all part of their "Ethical Policy."

Now, I'm as cynical as the next person, but when was the last time you heard of a bank with an "Ethical Policy?"

More entries on: Economics

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Reader comments:

yeah, i'm a fan of citizen's bank. proud to be a client of theirs.

Posted by: mason at April 18, 2007 12:33 AM

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John - banks typically have all sorts of policies, including ones that address ethics and social responsibility. Banks and federally incorporated trust and insurance firms with more than $1 billion in equity are required by federal law to produce annual public accountability statements outlining their contributions to the Canadian economy and society. As well, a number of banks and financial institutions are members of Canadian Business for Social Responsibility.

BTW, Citizen's Bank of Canada is a wholly owned subsidiary of Vancity Credit Union, so I don't think it is a federally chartered bank. And it's based in Vancouver.

Posted by: lynda at April 19, 2007 01:57 AM

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