What is South West Mutual?

We aim to provide the communities of Cornwall, Devon, Dorset & Somerset with a new ethical alternative in banking – by setting-up the region’s first customer-owned high street bank.  A local team of experienced bankers are working towards gaining regulatory approval to operate in the UK from 2021.  Find out more at: https://southwestmutual.co.uk/

What will we do?

South West Mutual (SWM) seeks to provide high street banking services to retail customers and SMEs living in or with a connection to Cornwall, Devon, Somerset and Dorset (the South West Region).

The Bank will offer current accounts, savings, overdrafts, unsecured loans and mortgages. The multi-channel distribution strategy will include a new branch network comprising staffed and automated branches alongside internet banking and a mobile banking app.

Vision, Values & Purpose

Our business seeks to generate sustainable long-term financial returns and have a positive impact on the lives of our customers and the communities we serve.  Our vision is of an inclusive and sustainable economy in which individuals and communities can flourish.

Our purpose is to support a socially just transition to a regional economy that respects the natural environment, through the provision of honest, accessible, effective and locally rooted banking services.

Why regional?

One of the key advantages of our regional model is that the business plan, product and services, and customer acquisition strategies can be tailored to the needs of our Region.

Evidence supports the superior ability of local and regional banks to undertake high quality lending where it is necessary to gather contextual information, such as knowledge of local markets and management track record, that go beyond basic financial and credit data.

New Community Bank Movement

South West Mutual is part of a cooperative movement with several organisations working towards banking licence approval and launching new regional community banks – projects are underway in Wales, Avon, London & the North East.  Contact us via email to [email protected] if you’d like to know more.