Harringay, Haringey - So Good they Spelt it Twice!
Move your money
A campaign has been launched to encourage us all to move our our money to more ethical banking institutions.
The campaign organisers say:
Banks rely on the deposits of ordinary savers. So when you choose where you keep your money, you are choosing between supporting business as usual or taking a simple but powerful step towards a better banking system and a better future. By moving your money you can directly support an ethical and socially useful bank, and send a message about the sort of society and economy you want to see. And one you’d rather not.
The time is right. Public anger with the banks is at an all time high. Politicians are reflecting the country’s mood with talk of 'responsible capitalism' and there is an increased interest in co-operatives. We need to seize the moment and steer our leaders in the direction we want them to take.
The campaign follows a highly successful movement in the US which has led to over 10 million people moving their money into local financial intuitions - in a single day over 40,000 people moved their accounts. It's not the first consumer boycott in the UK either. In the 1980s a student led campaign successfully resulted in Barclays pulling out of apartheid South Africa.
March 2012 is 'Move Your Money Month'. The month when we act together, move our money, and begin to change British banking for good.
" At an individual level, you can't do everything to put an unfair economy right - but you can do something. Move your money is the new fair trade. It is THE campaign for our time." - Ed Mayo, Secretary General of Coops UK
Tags for Forum Posts: banking
Replies to This Discussion
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Permalink Reply by Maddy on
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I recommend Triodos - the savings rates are perhaps a bit lower than elsewhere but they are truly a clean bank, and probably more viable long-term.
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Permalink Reply by ElleCarumba on
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It is worth pointing out that Tridos is a Dutch bank and is not covered here by the FSA's guarantee for savings of up to £85,000.
If it were to go bust or need a bail out, British savers in Triodos would be covered only by whatever the Dutch system of deposit guarantees is. It might be more generous than ours - I have no idea. But it might be worth double checking what would happen to your money if the worst happened.
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They have a similar scheme where you're covered up to 100,000 Euros (as long as the Dutch economy survives) - fortunately I don't have anywhere near that much in my account! I also think that Triodos is run more sensibly, and maybe less likely to go under.
Not sure whether any government could really make good on such a guarantee - a few years ago everyone was investing in Irish banks because they guaranteed 100% of your savings, but look at them now...
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