Co-operatives UK, the trade association for co-operative enterprises, has launched a new campaign called “Move Your Money”.
Based on a similar campaign in the United States, the UK campaign aims to encourage people to move their current and savings accounts to fairer and more local forms of banking – specifically credit unions, building societies and The Co-operative Bank.
Ed Mayo, Secretary General of Co-operatives UK, said:
March was branded as ‘move your money’ month. During this month, people all over the UK came together to make a protest over the way big banks do business by moving their savings and loans into their local credit union, building society or ethical banks.
Key facts on co-operative and mutual money
* The demutualisation of some building societies from the late 1980s withdrew around 70% of assets from mutual building society and insurance sectors.
* Since then, co-operative and mutual models have grown rapidly, focusing on a mix of meeting needs not met by mainstream banks, value for money and social responsibility.
* Building Societies have £220 billion of UK savings but Credit Unions have been growing rapidly and now number 465 serving 870,000 member. £6000 million is currently saved in credit unions and it is hoped that the ‘Move Your Money’ campaign will help this amount to grow.
* The Co-operative Bank has been named by the Financial Times as the world’s most sustainable bank, while Nationwide Building Society has been listed by Global Finance Magazine as one of the world’s safest financial institutions.
The Little Book of Money
Co-operatives UK – the trade association for co-operative enterprises – is publishing a Little Book of Money to help people move their money to more ethical banks. The Little Book of Money provides a light and informative guide to why and how to move money to a better bank.
- A short history of banking
- An outline of the key co-operative and mutual banking option
To download a copy of the book visit: http://www.uk.coop/2012/moveyourmoney