Nationwide - Proud to Be Different? (Nationwide Building Society)

Member Name: Anth-21

Product:	Nationwide Building Society
Date:	31/12/08 (97 review reads)
Rating:

Advantages: Owned for the benefit of its members

Disadvantages: Products no longer market leaders

I have been a customer of the Nationwide Building Society since 1997. Shamefully, I originally opened an account in the days when carpetbagging was rife and I thought it was likely to demutualise (change from being owned by its members to a company listed on the stockmarket and owned by shareholders). I seriously thought this was a chance to make a quick buck.

However, my opinion changed soon after opening the account as I could see the benefits of being a mutual. The service was friendly and efficient and I felt valued. There was also a significant advantage in the savings rates and charges applied. I took advantage of the good deals on their current account (Flexaccount), postal savings account (Investdirect), Internet account (e-saver), Online Borrowing facility (e-loan) and eventually took out a personal loan at a very affordable rate (6.9%).

The Nationwide even created it's new strap line "Proud to be different" under the expert guidance of the then chief executive Philip Williamson. It was an organisation that was delivering significant benefits for customers.

Things have started to go downhill dramatically in the last few years. Graham Beal took over as chief executive, the pricing advantages on savings accounts and the fair charges have all been eroded, as the Nationwide becomes a bank in all but name.

It is no longer the organisation it once was, and most of the products it offers can be bettered by its stockmarket listed rivals.

Indeed, the very fact it rejigged its' strap line to "Proud to be a Building Society" reflects its new focus.

The customer service levels have also deteriorated as it has acquired more customers due to swallowing a couple of smaller less financially secure societies along the way.

It has lost its direction and is no longer the the consumer champion it came to be in the late 1990's. You may find a better deal elsewhere.

Summary: Nationwide has lost its focus and is a bank in all but name