April 24, 2012 05:28 ET

Take the Stress Out of Switching Current Accounts

New video explains why consumers should consider switching current account and how easy it is to do

LONDON, UNITED KINGDOM--(Marketwire - April 24, 2012) - Over 40% of people have never changed their current account, while 39% haven't changed for over five years1. Some people feel switching current accounts is a hassle - but it doesn't need to be. Not every current account is the same, meaning there can be real benefits in choosing one better suited to a consumer's needs.

This is why Nationwide has filmed a short video with money expert, Michelle Slade, to explain why people should consider switching their current account and to assure consumers that the switching process can be simple. The video can be found at and journalists are welcome to embed the video onto their websites.

Phil Smith, Nationwide's head of strategy, planning and portfolio, said: "At Nationwide, the account transfer process is really simple; you just fill in one form and we do the rest. We contact your bank, we get a list of standing orders and direct debits and transfer them for you. You just transfer your salary as and when you're ready. With the Nationwide Account Transfer Promise, we'll contact your Direct Debit providers within 10 days and, if we don't, we'll give you £100."

Nationwide's four-point Account Transfer Promise:

  • Contact all your Direct Debit companies within 10 working days. If we don't, we'll give you £100. Simply have payments to transfer and make sure we have the right information.
  • Refund any Nationwide overdraft charges and interest incurred due to an error in the transfer process, in the three months following the start of your account transfer. Give us a call and we'll refund it straight away.
  • Keep you informed throughout via text and provide a dedicated team to help with any questions.
  • Check which of your providers have updated their records. We'll be in touch if they don't and let you know what you need to do.

In addition, if the customer switches in-branch, Nationwide will aim to match the overdraft amount offered by the switcher's previous provider2.

About Nationwide Building Society:

• Nationwide Building Society is the world's largest building society, the UK's second largest savings provider and third largest mortgage lender. It is also a major provider of current accounts, ISAs, credit cards and personal loans.

• With around 16 million members, Nationwide has a relationship with almost a quarter of the UK population. In the first half of 2010/2011 alone we helped 10,000 people buy their first home

• Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year 2010/11 Nationwide made a strong underlying profit of £276 million - up 30% from the previous year

Notes to editors:

1 Survey by Opinion Matters on 21/06/2011 - 28/06/2011.

2 Conditions:

  • The customer must be eligible for an overdraft and has started an Account Transfer within 7 days of applying for the match.
  • The customer provides the last 3 months' bank statements as proof of an existing overdraft.
  • The limit requested is equal to the average monthly income the customer has received over the past 3 months. If the customer's average monthly income is less than the limit requested, we will match up to the customer's average monthly income (to the nearest £50).
  • The customer has not spent 75% or more time in an authorised overdraft in the past 3 months.
  • The customer has remained within an authorised overdraft within the last 3 months.
  • Overdraft matching is subject to normal credit scoring assessments and a limit of £5,000.
  • To remain eligible for a matched limit the customer must agree to pay his/her main income into a FlexAccount.
  • It is NOT available on transfers where there are no direct debits, standing orders or bill payments to transfer.
  • Transfers from a joint to sole account are not permitted.

Contact Information