Move your money campaign
A new public campaign called Move Your Money is encouraging people to move their current and savings accounts to co-operative, mutual and ethical providers such as credit unions, building societies and the Co-operative Bank.
The demutualisation of some building societies from the late 1980s withdrew around 70 per cent of assets from mutual building society and insurance sectors. Since then, co-operative and mutual models have grown rapidly, focusing value for money, social responsibility and meeting needs not met by mainstream banks. Across Great Britain, there are now 465 credit unions that serve 870,000 members. £600 million is saved in credit unions and building societies have £220 billion of UK savings.
Since the credit crunch, 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.
In Europe, co-operative banks have 20 per cent of the market. In the Netherlands, half the population banks with co-operative bank Rabobank, and in Germany co-operative banks have 30 million members.
March will be designated Move Your Money month. Find out more about Move Your Money at http://moveyourmoney.org.uk.
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Co-operative Learning