Disillusioned savers switch to ethical banking

| May 6, 2009 | 0 Comments

Ethical banking is proving a popular choice for British savers, with record numbers signing up for accounts at the Co-operative.

The bank this week revealed that 123% more people have signed up for its current account this year compared to last year.

Customers are coming to the Co-operative, which has an ethical screening policy on its investments, from more traditional high street banks such as Lloyds TSB, HBOS and the Royal Bank of Scotland.

When news broke of former RBS chief executive Sir Fred Goodwin’s pension, Co-operative saw account applications from former RBS customer increase sevenfold.

John Barker, Co-operative’s head of current accounts, said: “There is a growing dissatisfaction with the major high street providers and customers are now no longer prepared to stay loyal to their existing bank.”

In related news, folk singer Bob Dylan recently granted permission for the Co-operative Bank to use one of his songs in an advertising campaign.

Dylan said his decision was influenced by Co-operative’s ethical investment policies.

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