nationwide building society

Nationwide Building Society is a major UK building society, the largest one in the world, and its headquarters are located in Swindon, Wiltshire. It is a major provider of both mortgages and savings in the UK, as well as personal banking and commercial lending, currently serving over 10 million members.

Being a building society means that the institution is a mutual; in other words, it's owned by its members. Nationwide Building Society passes on the benefits to their members offering returns on invested money and/or better mortgage deals. They currently have a very high interest savings account for members, which is accessed through a Flex account and pays 7%.

Members are called to vote every year if they wish the society to remain mutual.

When it comes to mortgages, Nationwide offers a very standard rate of mortgages; the main offers being a capped tracker, fixed rates and flexible mortgages. Any Nationwide mortgage will conform to the Government's CAT standard for mortgages, although it doesn't guarantee a best rate. However, they are known to match competitors if customers ask for it. That's why they are big on loyalty too--there is an added bonus for existing customers of Nationwide, mainly because they reward customers with an automatic charging of the lowest interest rate.

Nationwide has a very comprehensive, easy to use online banking system. Mortgage borrowers can apply online and know on the spot whether or not they qualify for a mortgage with them. Their site is easy to navigate & simple to use, plus they have other tools available to them such as guides to borrowing, tools & calculators, information on how to apply. Customers are also offered the opportunity to view their mortgage online.

Customers who have made a great deal of comparison-shopping or have previous experience with other financial institutions remain loyal to Nationwide; many of them believe it has to do with the fact that it remains mutual. Some customers lose benefits when a building society turns into a bank and this is still an important trait when they commit to a mortgage.