(UK) Banking: thousands of customers switch their accounts out of the big five

Source: the observer

Consumers are deserting major high-street banks in unprecedented numbers after a slew of revelations about unethical behaviour, according to data from the Move Your Money campaign.

Building societies, credit unions and co-operatives have all reported a sharp rise in new business over the past 12 months as the reputation of the major banks has taken a hammering.

Laura Willoughby, Move Your Money's chief executive, said: "Anger with the banks is turning into action. This year British banks have been exposed for exploiting their customers, starving the economy of credit and flouting the law."

Credit unions – small, usually locally based savings groups – have attracted almost 20,000 new accounts in the past six months, according to Move Your Money, while ethical banks Triodos, Ecology and the Charity Bank have all reported a jump in customers.

Read more: http://www.guardian.co.uk/business/2012/dec/22/banking-thousands-customers-switch-accounts