District Council to invest in South West Mutual bank

We’ve had several high street bank closures:

Sidmouth loses yet another high street bank

Sidmouth loses another high street bank

 

In Ottery, plans have been put forward to help the situation there:

South West Mutual reveals plans for Ottery as part of regional bank

 

And now the District Council has shown its support:

 

East Devon set to invest £50,000 in setting up a local bank for local people

East Devon District Council looks set to join South Hams and West Devon councils in setting up a local bank for local people.

The bank, known for now as South West Mutual, would be owned by its members and would pursue only what is in the customers’ best interests.

The new venture would be the first ever high street bank dedicated to Cornwall, Devon, Somerset and Dorset and unlike national financial institutions, the Mutual would not engage in financial speculation, or pay huge bonuses to staff for selling financial products.

 

East Devon set to invest £50,000 in setting up a local bank for local people

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