LONDON, UNITED KINGDOM — (Marketwired) — 10/07/13 — Seven working days since the launch of the new and Nationwide is already seeing a 79% uplift in the number of people initiating a switch of their current account to the Society compared to the same period the previous week.
Building on success
In the last ten years, has substantially grown its market share of current accounts. The most notable increases in the number of people switching their main current account to Nationwide have come over the last three years as people have been looking for alternatives to the big banks:
Numbers have increased as the switching process has become easier and as the Society has improved its range of current account products.
Phil Smith, Nationwide-s Head of Current Accounts, said: “The new Current Account Switch Service is making it even easier for people to move their accounts to Nationwide and as awareness and confidence increases in the new service we expect even more people to follow suit.
“If you are unhappy with the service you are receiving, or the terms of your current account, there has never been a better time to switch.”
New Accounts
The Society continues to challenge the big banks, with three competitive options to suit the different needs of customers. FlexDirect(1), a self-service, non-fee paying account, which pays a market leading 5.0% AER (4.89% gross p.a) and FlexPlus(2), a packaged current account paying a competitive 3.0% AER (2.96% gross p.a.) and offering a comprehensive range of benefits, including worldwide travel insurance, mobile phone insurance and UK and European breakdown cover, all for a monthly fee of GBP 10. FlexAccount(3), the only fee-free current account to offer free European travel insurance to customers who use it as their main account.
Notes to editors:
Full details on Nationwide-s current accounts can be found at: .
(1) FlexDirect pays 5.00% AER (4.89% gross p.a) in-credit interest on balances up to GBP 2,500 when you pay in GBP 1,000 per month (excluding internal transfers). After 12 months, the interest reverts to 1.00% gross p.a/AER variable. Rates may be withdrawn without notice. Interest is calculated daily.
(2) FlexPlus Worldwide travel insurance is provided by UK Insurance Limited. Mobile phone insurance is arranged and administered by Lifestyle Services Group and underwritten by London General Insurance Company Limited. UK & European Breakdown and Recovery Assistance is underwritten by Liverpool Victoria Insurance Company Limited.
(3) To qualify for European travel insurance you must:
To maintain cover you must:
The European travel insurance offered with the FlexAccount is underwritten by UKI.
Maximum trip limit of 31 days applies. Pre-existing medical conditions must be disclosed.
To upgrade from European to worldwide cover, a fee of GBP 20 will be charged.
You must be 16 or over to apply for FlexAccount, and 18 or over to apply for FlexDirect or FlexPlus (conditions apply to all insurance products).
About Nationwide
Nationwide is the world-s largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide-s head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
Contacts:
Media information:
Nationwide
Michelle Slade
01793 657500
Nationwide
Steve Blore
01793 655199