08 April 2013
Nationwide Building Society now has three different current accounts, each designed to meet the varied needs of consumers who either want to open their first current account or who wish to move away from their existing provider.
Nationwide's range of current accounts now includes:
- FlexAccount1 - an account with no monthly fee offering free European travel insurance
- FlexDirect2 - a no monthly fee, self-service account paying 5% AER (4.89% gross p.a.) fixed for the first year on in credit balances up to £2,500 when customers pay in £1,000 per month (excluding internal transfers)
- FlexPlus - a packaged current account offering 3.00% AER (2.96% gross p.a.) variable in-credit interest on balances up to £2,500 and a comprehensive range of benefits, including worldwide travel insurance, mobile phone insurance and UK and EU breakdown cover. All for a monthly fee of £10.
With each account, customers have access to the Society's range of 'Flexclusives', which include preferential mortgage, savings, personal loan and card deals (conditions apply), plus access to Simply Rewards - a website offering discounts on a range of products and services from top consumer brands.
Phil Smith, Nationwide's head of current accounts, said: "Nationwide has made no secret of its desire to increase its current account market share by offering consumers a real alternative to the big banks.
"The Society now has two accounts with no monthly fee for customers to choose from, plus a fee-paying packaged account aimed at those who will be able to make use of the comprehensive range of benefits on offer.
"While we acknowledge that fee-paying packaged accounts aren't for everyone, there are still a significant number of people who get real use and value from them. Nationwide will continue to offer accounts with no monthly fee for those customers who don't want or won't benefit from a fee-paying packaged account.
"Consumers have the misconception that switching current account is a hassle and rather than move provider, they may continue to put up with poor customer service or uncompetitive accounts.
"At Nationwide we have a dedicated team which switches customer's direct debits and standing orders for them, while keeping them informed of progress via text updates.
"Nationwide is continuing its campaign to prove to people that while you do need a bank account, you don't need a bank."
Notes to editors:
1 The European travel insurance offered with the FlexAccount is underwritten by U K Insurance Limited.
To qualify customers must be aged 16-73 and hold a Flex Account with a Visa debit card (not cash card+), and:
- Have been paying in £750+ (excluding internal transfers) a month for the last three months; or
- Complete an account transfer to us (from a non-Nationwide account) using our Account Transfer Service.
To maintain Travel Insurance cover you must pay in £750+ each month.
2 FlexDirect requires minimum monthly funding of £1,000 (excluding internal transfer). Credit interest is not paid in any month the minimum monthly funding is not met. After 12 months the rate reverts to 1% gross p.a/AER variable. Interest is paid monthly. Rates may be withdrawn without notice.
FlexPlus Insurance Policies:
Worldwide travel insurance - provided by UK Insurance Limited
Mobile Phone Insurance - arranged for Nationwide by Lifestyle Services Group and provided by London General Insurance.
Breakdown cover - provided by Britannia Rescue and underwritten by Liverpool Victoria Insurance Company Limited
Customers must be aged 16 to open a FlexAccount and 18 to open FlexDirect or FlexPlus.
Further details on all Nationwide current accounts can be found at http://www.nationwide.co.uk/current_account/default.htm
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 customers.
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.