The Move Your Money Switching Scorecard compares just over 70 UK and global banking providers on five key categories – honesty, customer service, culture, supporting the economy and ethics. Each category is worth a fifth of the provider’s overall score, and is compiled using a number of indicators. These indicators have been designed to be proportionate, robust and comparable, and we have taken steps to avoid any undue bias in our comparisons.
In the honesty category, we used indicators for fines, use of tax havens, political lobbying and misleading advertising. In customer service, we looked at complaints, mis-selling PPI, referrals to the Financial Ombudsman and customer satisfaction. Culture looks at customer power, directors’ pay and bonuses, and the proportion of women on the board. Finally, we looked at whether the banks are too big to fail, work in risky ways, fail to support the real economy and have poor ethics.
The evidence base that supports the Move Your Money Switching Scorecard was compiled in July 2013 by Ethical Consumer, the UKs leading alternative consumer organisation. You can find the full scorecard and information on how we got the scores here.
Five years ago, the big banks broke our economy. They plunged us into the worst recession in living memory, and politicians’ only answer has been bailing them out at any cost. We keep coughing up, they keep rigging rates. We get ripped off, they evade tax. Our economy is starved of credit and they pay themselves bloated bonuses.
There are over 70 banks and building societies to choose from, so why put up with the big 5?
Banks rely on our money to keep them afloat, so by moving our money to better banks we can help build a banking system that works in our interests, supports real businesses and helps our communities.
Moving our money means that we stop supporting and take a powerful step towards a more responsible banking system. Last year, over 2.4 million people have answered Move Your Money’s call to move their accounts out of the big banks. With an average of 200,000 people moving every month that 4m people since the start of 2012.
We know that with 7 day switching making things easier we can all move together and move in even greater numbers.
Today, you can join the growing movement of people across the world who are no longer prepared to wait for politicians and bankers to change things. They’ve had their chance. Now it’s up to us.