Move Your Money’s campaign has already seen thousands of people switch away from those banks that have damaged the UK economy and towards socially and ethically responsible banks.
NUS and Move Your Money today publish guidance specifically for students about how they can move their money to another bank.
The guide dispels myths about moving student overdrafts and sets out a simple five step guide which show how simple it is to switch banks:
- Identify a new provider. Students can use www.moveyourmoney.org.uk for advice on ethical banking.
- Opening a new account
- Fill out a switching form with the new provider
- Confirm the switch
- Tell the Students’ Loan Company to pay your loan to the new account.
The guidance also encourages students to get involved with the campaign themselves once they’ve moved their own money.
Dannie Grufferty, NUS Vice-President (Society and Citizenship), said:
“Students have a long history of using our power as consumers to put pressure on big companies and bring about an end to unethical practices.
“Young people are suffering because of an economic crisis that they did not create and moving our money is a simple way to demand better for banks in the future.”
Danni Paffard, Campaigner at Move Your Money, said:
“The big high street banks have played fast and loose with our economy - and we see the results, four years post crash, in the sky high unemployment rate among recent graduates.
“The big banks count on attracting students with short term offers in the hope of making serious money out of them in the long term - statistics show that you're more likely to get divorced than to move your bank account. Move Your Money wants to change that, and we are delighted to launch this flyer in partnership with NUS to help students lead the way.”
Download the guidance here.