Move Your Money launch new switching site
Ethical Consumer provides the research
Campaign group Move Your Money has relaunched its switching site to coincide with the introduction of "seven-day switching" with Ethical Consumer providing all the research and data that powers the site.
The Move your Money Switching Scorecard has been launched on a revamped website. The scorecard allows consumers to search for providers and find a new current account based on values rather than on bribes offered by banks to open accounts. It will be easy for consumers to compare the banks and building societies. Over 70 providers were ranked by Ethical Consumer for the campaign in 5 areas - honesty, customer service, culture, impact on the economy and ethics.
Seven day switching has been enabled by a new computer system that now ensures direct debits and payments can be transferred between providers in the space of a week. Campaigners hope this will act as an incentive for people to move their money away from the big five banks into more ethical alternatives.
"It's no coincidence that the 7-day switching change comes in almost exactly five years after collapse of Lehman Brothers and start of the banking crisis. Banks want you to think they have changed. Our scorecard shows that many have not.
They have rigged interest rates through Libor, mis-sold us PPI, and supported tax avoidance." said Laura Willoughby CEO of Move Your Money.
“We know people are demanding more than broken banks that take us for a ride. We are giving everyone the information they need to break up with their bank and switch to something better” added Laura.
She continued, “If your bank’s poor service has shocked you then join the 2.4m people that switched from the big 5 banks last year. You don’t have to put up with disgraceful scandals, poor service and excessive bonuses any more. It’s payback time – you can switch!”
The Payments Council, the independent body that has spearheaded the seven day switching process, promises that switching will become "reliable and hassle-free" and make tales of month-long delays a thing of the past.
Discover more about the Move Your Money campaign
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