More than 100,000 people switch to Nationwide since the launch of the current account switch service

Nationwide seen as the real alternative to the big banks

10 September 2014

A crowd of people large enough to pack-out Europe’s biggest stadium switched to Nationwide in the last year as the Society continues to put its customers first.

Just over 100,000 customers have flocked to the UK’s number one financial brand for customer satisfaction on the high street1 under the Current Account Switch Service, with the vast majority having arrived from the established banks. Even Europe’s biggest football arena – Barcelona’s Nou Camp - wouldn’t be able to contain that many people, with its capacity at just over 99,000.

Nationwide’s market share of main standard and packaged current accounts is 6.4%. However, over the last year the Society’s figures show that it regularly takes on average 9.1% of all switchers that went through the Current Account Switch Service.

The majority of new customers have arrived from The Co-operative Bank, as people search out an alternative ethical provider for their money. The Society also attracted a large volume of switchers from Barclays, NatWest, HSBC, Lloyds and Royal Bank of Scotland.

The Society also continues to see strong numbers of people opening accounts, with more than 450,000 new accounts opened in the last year.

Phil Smith, Nationwide’s Head of Current Accounts, said: “The past 12 months have been tremendously successful for Nationwide and we’re extremely pleased with how the switching service has really worked in our favour.

“While customers often choose Nationwide for its market leading products and strong brand reputation, it is our focus on providing ‘best in class’ service that means they stay.

“While the gains from the switching service represent just a slice of the total new accounts opened in the last 12 months, the system is a strong bellwether for organisations viewed positively by customers.”

Notes to Editors

¹ Source: GfK NOP Financial Research Survey 12 months ending May 2014. 60,782 interviews. Combined customer satisfaction for current accounts, mortgages and savings. High street defined as Barclays, Halifax, HSBC, Lloyds TSB, Nationwide, NatWest and Santander.

About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings and mortgage provider 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, via the mobile app, on the telephone, internet and post. The Society has around 17,000 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.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 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.

Please note: If you are a customer looking for information on our products and services, please visit the main website.