A better habit than The Abbey (Nationwide Building Society)

Member Name: ImVeryNice

Product:	Nationwide Building Society
Date:	01/09/08 (136 review reads)
Rating:

Advantages: Fewer and lower charges, they really are nation-wide, fee free use of debit and credit cards abroad

Disadvantages: Not quite as exceptional as it used to be

As a customer of Nationwide Building Society since 1994 I think I know them well enough to give a fair opinion.

Strong points:

Extensive branch network: not quite from Lands End to John 0'Groats but you'd be unlucky not to find a branch near you.

Most branches are now modernised with excellent cash machines where you can not only withdraw cash but pay it in, have it confirmed and credited to your account straightaway. You can also pay in a cheque and receive a small copy of the cheque as a receipt (handy!).

Computer terminals are generally available where you can access nationwide.co.uk, Nationwide's first class internet banking site.

No shareholders taking the profits.

Unlike some of the floated former building societies, Nationwide has not needed rescuing by the Bank of England or faced a foreign takeover. In other words, the institution is financially robust and stable.

Free current account banking with cheque book and Visa debit card. Unlike most other banks you can use this to make fee and commission free cash withdrawals and purchases abroad. This way you can save about £1 for every £35 you spend.

Low(ish) overdraft interest rate when you need it (currently 12.9% per annum), though it used to be a lot lower.

Up to 3.5% gross interest on your current account (depends how much you pay in each month). Again, it used to be better.

A good average credit card (15.9% to 17.9%APR) that is also commission and fee free when used abroad. It also has one of the longer interest free periods if you pay in full each month (56 days). Other perks include free insurance on your purchases and extended warranties on gas and electrical products. There is the usual interest free balance-transfer deal when you first take out the card and Nationwide even let you pay off your more expensive debts first, allowing maximum benefit from the interest free period. That is different (and better).

Staff seem to be mostly friendly and happy. Nationwide have been rated highly for employee job satisfaction and are also "Age Positive Champions", meaning they encourage older more experienced workers. This can help your (the customer's) experience.

Very good savings rates for the under-18s.

Internet banking available (and strongly recommended).

Offshore banking division based on Isle of Man pays gross interest.

Theoretical chance of a shares windfall if Nationwide does ever become a bank (need to be a long-standing customer before November 1997 as I recollect).

Downside:

Interest rates aren't quite what they were while overdraft rates have crept up.

Credit card cash advance charge has increased progressively from a low 0.5% or 50p to a steepish 2.5% or £3.00 minimum. Ouch!

There seems to be a fairly high staff turnover (are they being promoted or leaving?) which means the inevitable "cashier training" sign and longer queues.

Staff don't seem well equipped to deal with more complex enquiries such as providing mortgage advice (to be fair it was some time ago I tried to use this service).

As more people get to know the benefits of being a Nationwide customer, the queues are getting longer in the branches. Best to avoid them if possible and use the "intelligent" ATMs or on-line banking.

Although I have never been treated rudely, my mother was offended at the way she was spoken to when she tried to pay some money into my account for me (something Mum's often do). Something to do with the way they demanded ID from her in case she was money-laundering I think. The only kind of laundering my Mum was up to concerned a washing machine and a pile of dirty clothes!

Summary: Best deal overall in banking services for most people