Nationwide: NCC attack on banks' transparency in current accounts

Nationwide Building Society responds to the National Consumer Council's (NCC) report about the current account market being a 'jungle' for consumers.

The NCC states consumers are reluctant to switch current account providers as they fear the process is too complicated and it calls on providers to be open and transparent about the fees and charges on their accounts.

Divisional director at Nationwide, Jeremy Wood, says: "While the current account market can be confusing for consumers, they should not be put off from switching to a better deal. To switch to Nationwide, all customers need to do is sign two forms - the Society will do the rest. We have a managed account transfer team where we have individual case managers to help customers throughout the switching process. It is therefore no surprise that we are seeing approximately 225,000 people choosing to switch their current account to Nationwide each year.

"The process we use for switching is quick and simple and consumers know the Society's FlexAccount offers real long-term good value. We urge consumers to take a look at the deal they are receiving from their bank as they may realise there is a better option available to them.

"Nationwide has been at the forefront of promoting transparency. We were the first organisation to launch a credit card summary box and we led the campaign for ATM transparency. No other current account offers free card use abroad and the fees and charges associated with the account are lower than those of the big banks. Nationwide is committed to offering good value products to all of our members - we can do this because we're mutual."

Why should customers switch to Nationwide's FlexAccount?

Nationwide offers better value to its customers than the majority of the high street banks do for their customers.

Nationwide has fewer and lower charges than many of its competitors and is extremely competitive.

Nationwide is the only high-street provider to offer free card use abroad.

The Society's current account offers one of the lowest overdraft rates available and pays 40 times more credit interest than many of the high-street banks.

The account is also linked to competitive savings account Monthly Income 60+ and e-Savings.

Customers can manage their account via multiple channels leading to high customer satisfaction and service levels.