Monday 20th October 2014                 Change text size:

Move your money month begins



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Not only is it the start of a new month, but March also marks the “time to move your money” says Danielle Paffard, from the Move Your Money campaign.

Paffard explains that people should get involved because, “British banking isn’t working for people, small businesses or the planet. Big bonuses never went away, and publicly funded banks continue to profit while public services and local economies suffer”.

Blue & Green Tomorrow wrote about the campaign when it started earlier in the year. Paffard says the campaign has been going well so far and along the way they have been collecting stories about why people are switching banks.

As if subconsciously leading up to the campaign, February has seen an “on-going bonus culture, failure to meet lending targets to small businesses and increasing customer complaints” Paffard says.

In fact, just days before the campaign, Barclays Bank gave their customers pause for thought when it was told by the Treasury to pay half a billion in tax that it had “aggressively” tried to avoid.

Paffard highlights why it is important to make a change, “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.

“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. Now it’s March, and time to start talking about the alternatives.”

Moving your money is easier than you think. Move Your Money provides a simple guide explaining how to switch banks on their website, whilst Blue & Green Tomorrow compiled the best ethical banks out there to make the move less daunting.

There are a number of other ways to get involved. The Move Your Money campaign would love to get more people and local groups taking part in demonstrations, film screenings or even Move Your Money parties.

Whatever you decide to do Paffard says, “Now’s the time to act together, and get moving your money off the ‘to do’ list and into the diary”.

Beyond who you bank with, there are other money changes you can make. Previously, Blue & Green Tomorrow has looked at the alternatives for credit cards and insurance and of course investment opportunities. If you want to make a difference with your money then speak to your IFA about what opportunities are out there for you. If you don’t have an IFA then fill in our online form and we’ll put you in touch with a specialist financial adviser.

Related articles:

Time to move your money?

Banking on ethics

Barclays’ half billion ‘aggressive’ tax avoidance


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