01 August 2015

Nationwide launches online-based current account

28 November 2012  |  4392 views  |  0 Nationwide logo web screen shot

The UK's Nationwide Building Society is trying to move customers out if its branches with the launch of a current account that can only be used online and over the phone.

The FlexDirect self-service account can be opened in branch, online or by telephone. However, customers will be required to use the Web or phone to carry out "day-to-day transactions".

To encourage take-up, Nationwide is offering credit interest of two per cent for the first year on in-credit balances up to £2,500 and has put together a dedicated team to switches customers' direct debits and standing orders for them.

Phil Smith, head, current accounts, Nationwide, says: "FlexDirect offers customers a competitive rate of credit interest as well as providing them with access to exclusive deals on other Nationwide products. Supported by our Internet Bank, we feel this account will be a real hit with customers looking to get more from their current account."

The account is the first of several new options in the pipeline thanks to a new IT system which went live earlier this month as the building society makes an aggressive push to take on Britain's banks.

Reporting first half pre-tax profits of £124 million, yesterday the company claimed to have opened 184,200 new current accounts in the six months, with the number of customers switching from banks to Nationwide for their main service more than doubling to 51,400.

It has also confirmed interest in the 316 Royal Bank of Scotland branches up for sale as part of plans to start lending to small and medium-sized enterprises.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

15 October, 2012
26 July, 2012
13 June, 2012
26 August, 2011
12 April, 2010

Related company news

 

Top topics

Most viewed Most shared
ING Bank introduces voice-activated mobile...
9027 views comments | 26 tweets | 30 linkedin
Will Uber be the Uber of banking?
7428 views comments | 40 tweets | 31 linkedin
Payments and capital markets sectors domin...
6304 views comments | 17 tweets | 18 linkedin
Singapore hires Citi veteran to lead new f...
5668 views comments | 13 tweets | 5 linkedin
Stripe lands new funding; signs deal with...
5596 views comments | 16 tweets | 18 linkedin

Featured job

Basic £90-110K OTE circa £200K NO CEILING
London based with substantial travel in Scandinavia

Find your next job