Nationwide Building Society has 15 million members, making it the largest building society in the world and was ranked the top high street bank for customer service satisfaction for three months in 2016.
The bank is a British mutual financial institution made up of over a hundred mergers. It is now the UK’s second largest provider of household savings and mortgages, with an additional 7.7% market share of current accounts. Nationwide also launched an early UK internet banking service in 1997, to make banking more accessible to their customers.
In 1999, Nationwide fought against controversial cash machine fees. During this time, Barclays announced plans to charge all customers of rival banks £1 for all withdrawals from Barclays owned cash machines. As a result, Nationwide was prompted to threaten Barclays with legal action.
Nationwide is made up of over a hundred mergers, with Anglia Building Society and Portman Building Society being the most notable. The organisation is also part of the Building Societies Association, the Council of Mortgage Lenders and Co-operatives UK. Nationwide is determined to remain mutual and emphasises that it has members rather than shareholders.