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Nationwide Building Society

About Nationwide Building Society

Their origins lie in the Dover Building Society and the Provident Union Building Society established in Wiltshire (1846), the Northampton Town & County Freehold Land Society (1848) and the Co-operative Permanent, London (1884). In 1970, the name 'Nationwide Building Society' had been suggested as a new name. The Society's board wanted a name to reflect an organisation that had coverage throughout the country, was strong and one that had no political overtones. The new name was put to a member vote, with members voting 135,675 to 15,585 in favour of Nationwide. In 2008 financial issues faced both The Cheshire and The Derbyshire building societies. A prudent and pre-emptive action was then taken to merge the societies with the Nationwide Group, with both being run as Nationwide regional franchise brands. In 2009 with the Dunfermline Building Society in financial trouble Nationwide acquired The Dunfermline's savings accounts and prime lending book on 30 March 2009, excluding itself from high-risk assets.

Nationwide Building Society Information.  

Head Office - Nationwide Building Society, Nationwide House, Pipers Way, Swindon, SN38 1NW.

Branch Offices –  

No. of branches: Approx. 800 (inc. Derbyshire Building Society, Cheshire Building Society & Dunfermline branches)

Savings Accounts – Savings accounts include MySave Online Plus, e-Savings Plus, Monthly Income 60+, InvestDirect, e-ISA, Champion ISA, Instant Access ISA, Regular Savings, 1 Year Fixed Rate ISA , 3 Year Fixed Rate ISA, Champion Saver, Tracker e-Bond, e-Bond, 18 Month e-Bond, 2 Year e-Bond, 1 Year Fixed Rate Bond and Treasurers’ Trust offering instant access savings account for clubs, societies and charities.

Mortgage Accounts – Mortgages are available for first time buyers, new customers and existing customers. Mortgage types include fixed rate, trackers, standard variable rate, interest only and from time to time special offers.

Insurance –  Home Insurance, Car Insurance, Travel Insurance, Buy to Let Insurance, Life Insurance, Over 50 Life Insurance.

Other Services – Current Accounts, FlexAccount, Credit Card, Loans and Investment Funds.

Financial Results Year Ended 04/04/2011

For the year they made a loss after tax of £248,000,000 (£264,000,000).

Mortgage Lending - Impairment charge on loans and advances to customers reduced by 35% to £359 million (2010: £549 million) reflecting their consistent and prudent lending strategy. Within this, commercial property impairment charges down 41% to £175 million (2010: £299 million). Over the year they provided mortgages that allowed over 17,200 people to buy their first property, representing a market share of 9.1%. they have aimed to provide a consistently good value range of mortgages for all new and existing customers, but with a commitment to provide the best deals to their existing loyal customers. This enabled them to support the market with total gross lending of £12.8 billion (2010: £12.0 billion), gaining a market share of 9.5%. Whilst the average loan to value (LTV ) of new residential lending has increased slightly year on year, overall it remains very low at 66% (2010: 63%), with the indexed LTV for the whole residential portfolio remaining relatively static at 49% (2010: 48%). Less than 1.4% of  new residential lending during the year was written at LTV s in excess of 90%.The number of properties taken into possession during the year, 1,264 (2010: 1,280) relating to Nationwide originated lending representing only 3.58% (2010: 2.84% restated by CML ) of properties taken in by the industry as a whole. 

Savings – A growth in retail savings balances of £1.6 billion, compared with a net reduction of £7.3 billion in the previous year. Similarly, total net receipts for the Group were £0.6 billion, compared with an outflow of £8.2 billion last year. During the year they opened 353,000 new current accounts, an increase of 118% on the previous year, and their estimated market share of main accounts is now around 6.1%. Over 560,000 new general insurance covers were sold during the year and over 313,000 investment and protection products were sold during the year and now they have in excess of £5 billion of investment assets under administration.They also extended their relationship with Legal & General to provide access for their customers to unit trust and life protection products.

Nationwide Building Society Directors

Executive Directors – G J Beale, T P Prestedge, M M Rennison, C S Rhodes, D J Rigney and M P V Wyles

Non Executive Directors G M T Howe, Mrs S J David, A P Dickinson, M K Jary, R K Perkin, D A Ross, Ms S Taverne W Tudor John and R P Walther.

Membership Numbers – The Nationwide Building Society  has approx 1.4 million borrowing members and 15 million investing (saving) members.

Other information – website nationwide.co.uk.

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