Northern Mutual
Northern Mutual

Northern Mutual Limited Banking Done Right

Northern Mutual Limited Banking Done RightNorthern Mutual Limited Banking Done RightNorthern Mutual Limited Banking Done Right

We aim to create a bank owned and trusted by you

MLAs - sign the Northern Mutual Pledge

Northern Mutual Limited Banking Done Right

Northern Mutual Limited Banking Done RightNorthern Mutual Limited Banking Done RightNorthern Mutual Limited Banking Done Right

We aim to create a bank owned and trusted by you

MLAs - sign the Northern Mutual Pledge

About Us

Our Vision

We have a vision for a bank with a difference: we’re owned by our members and based in NI only. That means we put our members first, answering to them and not to profit-driven shareholders. The money deposited in your bank account with us is invested in this region and cannot be invested outside the region, ensuring that our collective wealth is stays here to be used in our interests and the interests of our region. And we aim to return banking services to our high streets and rural areas, reversing the trend of branch and ATM closures.

Where we are

Our campaign to establish a mutual, regional bank was launched in 2019 and is currently at the development stage. We are registered with the Financial Conduct Authority as a cooperative society under the name of Northern Mutual Ltd. We are actively raising awareness and gathering supporters. If you want to keep up-to-date with our progress, please subscribe here, via the website. And if you want to find out more or would like to join the campaign, please fill out the Contact form. 

Establishing a mutual bank in NI

Our society faces many challenges…

  • Environmental crisis – we are facing unprecedented environmental degradation.
  • Poverty –13% of people in NI live in absolute poverty with 17% of children, 14% of pensioners and 11% of the working age population in absolute poverty; 22% of households in NI are in fuel poverty.
  • COVID-19 – the pandemic has put severe pressure on public services and public finances, and shows no sign of letting up despite the vaccine.
  • Financial exclusion –10% of people in NI have no bank account; this leaves them vulnerable to the ‘poverty premium’; and without access to conventional credit they are more susceptible to high-interest credit and loan sharks.
  • Reduced access to fundamental banking services – NI has 30% fewer bank branches since 2010; SMEs make up over 90% of our businesses in NI and are critical to our economy, yet lending to SMEs has fallen by 25% over successive years.

The Northern Mutual will be…

  • Mutual – owned by its members, not by shareholders; and accountable to members.
  • Regional – serves this region only; members live in or are connected to the region; recycles money back into region, thus ensuring wealth generated here is retained in the region and its economy; prioritises local small businesses.
  • Ethical – not profit-driven; no excessive salaries or bonuses; lending decisions made in the best interests of people in the region and for our environment.

The Northern Mutual will bring lasting benefits…

  • Resilience and sustainability – gives us more control over our own money so that as a region we have the funds to withstand future shocks and challenges.
  • Climate action – can unlock the potential of locally generated wealth and invest it in a just transition to a net-zero carbon society.
  • COVID-19 recovery – can unlock the potential of locally generated wealth and invest it in a just recovery from the pandemic.
  • Tackling poverty – integral to the Community Wealth Building model used to address poverty and economic inequalities.
  • Prioritising SMEs – ensures affordable lending to small businesses and business start-ups in the region.
  • Financial inclusion – will refuse no one an account regardless of their financial circumstances; will reverse the trend of ATM and branch closures.

Subscribe/Contact

Sign The MLA Pledge

We are campaigning to establish Northern Ireland's first ever Mutual Bank and are reaching out to you as a candidate in the upcoming election to sign the following pledge.

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As an MLA I will… 

Seek all-Party support for the Northern Mutual Campaign's Core Principles & Vision

Ensure the Campaign is addressed at the Economy Committee and the Fair Banking & Finance APG.

Ensure proposals for Development Funding are put to the NI Assembly and other key bodies.

Northern Mutual Limited

Privacy Policy

Privacy policy (pdf)

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Copyright © 2022 Northern Mutual limited - All Rights Reserved.

We are registered with the FCA as a mutual society with registration number 4731

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Disclaimer

 We intend to apply for a banking licence to the Prudential Regulation Authority and Financial Conduct Authority. We are not yet authorised as a bank so please do not take any information on this website as an invitation  or inducement to apply to Northern Mutual for any banking services or  products.  

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