Ando is an online banking platform that focuses on helping the environment.
Ando; Alyssa Powell/Insider
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The bottom line: Ando Spending Account is a solid online banking platform. Its strongest feature is that it uses your deposits to invest in companies that help the environment.
Overall Ando rating
FeatureInsider rating (out of 5)Savings4Checking4Trustworthiness3Total: 3.75
Pros and cons
ProsCons
Deposits to go toward efforts to fight climate change
Can receive paychecks up to two days early
No monthly service fees
No physical branch locationsCan’t open a joint account or order a secondary debit cardMust meet certain qualifications to get the highest savings APY
Ando Spending Account
Ando Spending Account is a solid checking account, with no minimum opening deposit or monthly service fees.
One unique perk to the Ando Spending Account is that you can receive 2-day early direct deposit. If you use your debit card to purchase household items or personal good, you’ll also earn 1.5% cash back.
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’ll have to meet certain criteria to get the highest APY. The highest APY is for balances up to $5,000 per month. You’ll also need to sign up five friends and they’ll need to be active users for 60 days. Otherwise, you’ll earn Ando Savings Account.
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. You’ll be able to see how you can cut carbon dioxide emissions based on your banking activity, and earn up to $250 annually through debit card usage.
You can invite friends to use Ando. When you do, you’ll see their environmental impact, and the impact of the people they invite.
Ando
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 20% of your deposits are being invested in companies that provide clean energy. Of the money going toward energy, Ando splits it between solar energy, hydro power, wind energy, storage, and infrastructure.
Ando
McNeill said he hopes that as Americans move money out of big-name banks to sustainable banks, other institutions will be pressured into being more transparent about how they spend customers’ deposits — and hopefully make some changes themselves.
How Ando works
Ando is an online banking platform that focuses on helping the environment. The platform is certified as a B Corp and a founding member of the Fossil Free Banking Alliance.
It has a checking and savings account. You must first open a checking account to be eligible for a savings account. Ando doesn’t have joint accounts or secondary debit cards.
There are no physical branches, but you do have free access to over 38,000 ATMs in the MoneyPass network. If you use an out-of-network ATM, Ando charges $2.95.
The mobile app doesn’t have many online reviews yet. So far, the app has 4.9 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
To contact customer support, call or email seven days per week from 9:00 a.m. to 9:00 p.m. ET.
Your deposits are FDIC insured for up to $250,000 through Ando’s partner bank, Community Federal Savings Bank.
Ando trustworthiness and BBB rating
The Better Business Bureau rates companies’ trustworthiness based on responses to customer complaints, advertising, and transparency about business practices. The BBB gives Ando’s partner bank, Community Federal Savings Bank, a C- rating.
But BBB grades aren’t everything. The BBB states that the C- grade is partly due to the bank not responding to all its complaints on the BBB website, and to the length of time it takes to respond. However, the bank has only received six customer complaints on the site in the last three years, and it’s failed to respond to one in the past 12 months.
Community Federal Savings Bank doesn’t have any recent public scandals.
If you’re passionate about the environment, you may actually feel more comfortable banking with Ando than some other banks. Many banks use deposits for investments and loans that contribute to global warming. Ando actively fights against global warming.
Ando review vs. Aspiration review
We compared Ando to another eco-friendly banking platform: Aspiration. See how the two compare below.
Ando
Aspiration
Social initiatives
Environment
Social initiatives
Environment
How it supports initiatives
Green investments
How it supports initiatives
Green investments, cash back for shopping at sustainable stores, carbon offsets when you buy gas, plants trees
Savings APY
Ando Savings Account
Savings APY
Aspiration Account
Ando Spending AccountAspiration Account
You might be intrigued by all the ways Aspiration helps you support the environment with an account. You’ll earn cash back when you shop at environmentally-conscious stores. With an Aspiration Plus Account, Aspiration provides offsets to counteract carbon impact each time you use your debit card to fill up your gas tank.
With Aspiration, you’ll need to choose between an Aspiration Account or Aspiration Plus Account. Aspiration Plus comes with a savings APY, higher cash-back rewards, and more ways to help the environment than the regular account — but there’s a $5.99 to $7.99 monthly service fee.
In some ways, Ando is a nice balance between the two Aspiration accounts. It pays interest on your entire balance and has no monthly fee.
Ando review vs. Amalgamated Bank review
See how Ando’s compares to the Amalgamated Bank, a socially responsible financial institution.
Ando
Amalgamated
Social initiatives
Environment
Social initiatives
Environment, immigration, LGTBQ+ rights, criminal justice, workers’ rights, reproductive rights, gun safety
How it supports initiatives
Green investments
How it supports initiatives
Green investments, donates half of interest earned to charities
Savings APY
Ando Savings Account
Savings APY
Up to 0.45% APY
Ando Spending AccountAmalgamated Bank Online Checking Account
While Ando focuses on sustainability, Amalgamated Bank gives to numerous causes. You can read the bank’s stances on various social issues on its website. With a Give-Back Checking or Give-Back Savings Account, you can choose from six charities, and Amalgamated will donate the equivalent of half the interest you earn to the cause.
You may like Amalgamated Bank if you want a bank that supports several causes, and if you want a choice about which charities your donations support.
You might prefer Ando if you want to receive paychecks up to two days early. Getting your direct deposits early can give access to your money sooner and help you earn interest faster.
Frequently asked questions
What is Ando?
Ando is an online banking platform that focuses on helping the environment. Ando has two account options — a savings account and spending account.
Can you overdraw money from your account at Ando?
You may be able to overdraw up to $200 from your Ando Spending Account if you’re eligible for Covered by Ando. To qualify for the program, you must sign up for direct deposit and receive at least $500 in qualifying direct deposits in a month period.
How do I deposit money to my Ando account?
To deposit money into your account, you may link an external bank account to your Ando account and make a transfer. You can also set up direct deposit