After the surge in individuals moving their money out of the big banks, Move Your Money UK is calling for businesses to move their money to more ethical and socially responsible banks too. A number of businesses are already taking action.
Premises CEO Viv Broughton and MD Julia Craik taking a stand against Barclays last Friday
The Hackney based business Premises Studios Ltd
, a world famous studio complex, used by hundreds of stars such as Ronnie Wood, Ben E. King, Macy Gray and Madness, is moving its money out of Barclays. Julia Craik, Managing Director of says:
“As a business we’ve always done what we can to act responsibly and we’ve decided that banking with Barclays is no longer a viable option for us. We won’t be associated with a corporation that appears to act in such a corrupt and fraudulent manner, so we’re off! We believe this is the best way to force change in the financial sector, as leaving it to the courts of justice and the government just isn’t working."
The Premises Studios estimates its turnover at around £500k per annum and as Julia Craik points out “If just 100 small businesses with cashflow similar to ours leave their banks then the banks will lose businesses with an annual turnover of £50 million – that’s going to hurt”.
Move Your Money spokesperson, Marloes Nicholls, said:
“Businesses have suffered massively since the financial crisis, caused by the reckless behaviour of the banks, and now many are struggling to gain access to loans. The recent banking scandals, including the mis-selling of rate hedging, are a last straw, clearly demonstrating that the big banks have no care to support the real economy; that’s why businesses are moving out of the Big 5 to banks that support the UK economy, and which will provide the services they need.”
Judith Leary-Joyce, CEO of Great Companies Consulting
, came across Charity Bank when she was looking for a safe, competitive bank for the company’s finances. She opened an account with them about six months ago.
“I was fed up with the high street banks and wanted a safe place to bank with for GCC,” said Leary-Joyce. “Charity Bank’s values and principles matched my own and those of the business and their rates were competitive. It also felt safer to keep the business’ money with Charity Bank than with a business account at one of the bigger high street banks. “
“I am treated like a person with Charity Bank, not just a business or a number – they are available when I need them and my account manager answers questions when I have them. I moved GCC’s money to Charity Bank for its security and values and will stay for these reasons – as well as the excellent customer service.”
The Premises are moving to Triodos Bank: Charles Middleton, Managing Director Triodos UK says: “We believe that money can be used consciously to support social and environmental change for the benefit of all. We were delighted to support the Premises with their solar powered studio and are even more delighted that they and many others are now thinking about the power of their money to make a positive impact.” Lisa Stanley, Head of Communications at Triodos Bank, reports that "New business accounts (savings and current accounts) opened are more than treble what they were for the same period (Dec– June) last year."
Malcolm Hayday, chief executive of Charity Bank: “At Charity Bank we provide businesses with term and notice savings accounts. As well as earning interest our customers are also contributing to society. That’s because savings are used to support charities and community organisations that are making a positive difference to people and communities.”
Whilst Triodos and Charity Bank represent two of the options available to businesses, there are many others, and Move Your Money UK will be working over the summer to help businesses, charities, local authorities, and other organisations to move their money too.
Are you a business interested in moving your money? Pledge to move it now here!