In February 2012 Move Your Money UK began to raise awareness about the local, mutual and ethical alternatives to the big 5 banks. While the banks have failed to learn lessons from the devastating crash of 2008 – scandals are just escalating – and the government and regulators have yet to take appropriate action, more and more people are discovering that they have the power to change the banking system by voting with their feet.
Since January 2012 Move Your Money estimates that 500,000 people have switched their current accounts to ethical alternatives such as Co-ops and mutuals
Building societies such as Ecology have reported up to a massive 266% increase in website visits compared to 2011 and Zopa has seen funding from lenders increase by 56%
The Charity Bank has reported a 200% increase in new customers
during the first six months of 2012 compared to last year.
Move Your Money estimates that 50,000 people have joined one of the UK’s credit unions since January
, taking their membership levels to over one million.
For many, the scandals of the last few weeks – crippling computer malfunction, the manipulating of Libor rates, mass international money laundering and mis-selling products to small businesses – have been the final straw.
In the same week that the Libor scandal hit, Triodos Bank saw a 300% increase
in the number of online applications whilst Nationwide witnessed an increase of 85% in online applications. And in the first few weeks of July there has been a 61% increase in the number of people requesting to switch to the Co-operative.
Move Your Money has played a significant role in getting the message out there about local, mutual and ethical financial alternatives – a message which is now being repeated, re-tweeted, and re-posted in the mainstream media. We have seen a 15 fold increase in web traffic in recent weeks as people across the country look to the alternative.
Support has come from Tim Walker in The Independent
, from Zoe Williams
and Deborah Orr
in The Guardian, and from TV and radio presenter Vanessa Feltz, whilst Channel 4 news
has also provided positive coverage of the movement. The message has been further popularized by appearances from Move Your Money spokespeople on television shows such as Newsnight
, Daybreak, and The One Show
By moving their money these customers are not only sending a message to the Fat Cats in the City that business as usual is not going to be tolerated anymore, they are also using their money to invest in projects that improve our environment and our communities.
So join the 500,000 Britons who have already taken action, and pledge to Move Your Money