Just done this myself
Sadly Nationwide basically acts like a bank these days and I found is not "on your side":
- Drops savings interest rates before banks (e.g. NW dropped it's 3% rate, Santander 3% savings did so 2 weeks later)
- Cuts interest on saving accounts once it's got enough punters for a product (like banks - see their esavings for a good example)
- No interest on current accounts any more (again like banks)
- Interest rates on accounts IMHO aren't any better than banks.
- Pretends to give you "flexclusive offers" which are basically thinly veiled promotional partner adverts.
- Offers an exclusive account for loyal customers... but has only just started it. The interest rates on this
account is IMHO only enough to prevent people moving i.e. Nationwide's self interest, there are much better rates elsewhere.
- Charges interest on <24 hours negative balance accounts (some banks don't do this - LloydsTSB I *think* is one)
- Adds foreign card transaction charges (that it used to swallow)
- Gave me bad advice for which I financially lost out and refused to refund (this made me move)
.... there's more but this is a ranting enough.
and the major downside to not being a bank?
- Won't change money in branch, forget about breaking that £50.
The sad thing is that almost all banks are the same. The only decent one I found for customer service was M&S bank which is open shop hours too (good for the late 10pm opening stores).