Which? Magazine have even provided 'top tips' on opening or moving to a better banking ISA.
Martyn Saville, Principal Researcher at Which? Money Said:
“Every saver should make the most of ISAs because some offer higher rates than ordinary savings accounts, and the interest earned is free of income-tax.”
Stephen Williams, MP for Bristol West is moving his money as part of the campaign:
“My constituents in Bristol often write to me expressing their frustration at bankers’ bonuses. Move Your Money offers them a constructive way of venting that anger and showing the big banks that they do not have a monopoly on their custom. I am going to open an ISA with Triodos, the Bristol-based ethical bank. I encourage my constituents to consider doing likewise.”
Financial Journalist, Simoney Girande, recently moved her money from HSBC to Leeds Building Society:
"Banks may think they are too big to fail, but I'd rather put my savings with a Society that is 'too small to bail'. In these recessionary times, big banks with large overseas and European operations are not safe.”
Leeds Building Society has a well-earned reputation as an ethical, caring, local business – it really makes a difference in its community. My mother has also taken all her money out of Santander!”
Move Your Money UK estimates that over the past 3 months over 5000 people have moved their money and hundreds more are pledging to do so online, in protest against the big banks.
Marloes Nicholls, a spokesperson for Move Your Money UK and researcher at Oxford University Economics department said:
“2012 is THE year for alternatives to the big banks to come fore. The public is fed up with back to business as usual.
“Opening an ISA with a credit union, building society or ethical bank not only means you know your money is being used responsibly but can also offer you market leading returns and excellent customer service.”
Over the coming months Move Your Money UK will be working with credit unions, campaign groups, and unions in schools and universities and workplaces to encourage people to move their money.
A petition to get Lambeth council to move their money has already been launched and will be followed by a nationwide campaign later in the year.
