Nationwide celebrates 10 years of beating the carpetbaggers

As the Building Society Association (BSA) meets for its annual conference this week, Nationwide confirms its commitment to mutuality following a decade of success after narrowly beating the carpetbaggers in 1997.

Whilst other building societies went down the demutualisation route, Nationwide has become the UK's biggest building society and since 1997 has made consumers almost £5 billion better off through competitive interest rates and lower fees and charges.

As a result of campaigning by Nationwide, consumers are:

Better off by £350 million following the campaign to raise the stamp duty threshold,
Using and have access to better signed cash machines,
Able to compare key product features at a glance - Nationwide led the way as the first UK credit card issuer to introduce a 'summary box'.

Nationwide has led the way with improving accessibility for its members:

In 1997, the Society was the first financial institution to launch a retail internet banking service in the UK,
Nationwide has committed to keep its call centres in the UK making it easier for members to do business,
It was the first organisation in the world to pilot an Iris Recognition System in a cash machine and at the counter of one of our Swindon branches.

Nationwide has also been at the forefront of product development:

At the request of the membership a Monthly Income product for members over 60 has been designed and is now offered,
Nationwide has been at the forefront of mortgage product development, with the launch of a European Interest Rate Tracker Mortgage and the recent innovative 25 year fixed rate mortgage - the only
major financial provider to offer this product,
It is one of only four providers to offer both a cash and equity child trust fund.

The Society is proud of its work in the community and the way in which it helps protect the environment:

Nationwide's relationship with Macmillan has gone from strength to strength with over #3 million raised by employees and members for people living with cancer since 1997 and over #4.3 million raised during the past 14 years,
The Society's national awards scheme launched in 1997 designed to recognise individuals and groups throughout the UK who have made an outstanding contribution to their local community has seen over 1,200 awards presented,
Since Nationwide launched its 'Cats Eyes for Kids' child road safety programme in 2001, 11 million life-saving reflectors have been distributed to primary school children, contributing to a 49%
reduction in UK child pedestrian casualties. The programme has now been extended until 2010.

The Society's mutual approach has also benefited employees:

In 2004, Nationwide became the first financial organisation to be recognised as an Investors in People Champion,
It was the first organisation in the UK to sign Age Concern's Business Pledge designed to rid business of age discrimination.

John Sutherland, sales and marketing director at Nationwide, said: "Ten years ago our members told us they wanted Nationwide to stay mutual, defying the carpetbaggers in the process. We have acted on this and have tried to turn Nationwide into a modern mutual that is truly responsive to the needs of its members, introducing products and service enhancements at the specific request of the people who own us - our members. A lot has happened in financial services over the past ten years, but one thing still remains true; consumers in the UK benefit from the choice they get from a thriving mutual presence within the highly competitive banking sector."