19 October 2017
visit www.response.ncr.com

Nationwide launches online-based current account

28 November 2012  |  5090 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)

Finextra news in your inbox

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

Related stories

Santander blames IT integration issues for RBS branch network deal collapse

Santander blames IT integration issues for RBS branch network deal collapse

15 October 2012  |  11561 views  |  1 comments
NatWest tech woes return; Nationwide has own problems

NatWest tech woes return; Nationwide has own problems

26 July 2012  |  8205 views  |  2 comments
Nationwide launches savings rate alert service

Nationwide launches savings rate alert service

13 June 2012  |  4161 views  |  0 comments
Nationwide most secure for online banking - Which?

Nationwide most secure for online banking - Which?

26 August 2011  |  11951 views  |  3 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.capgemini.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15759 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8924 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8013 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7117 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6268 views comments | 6 tweets | 3 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job