UK Money News
21st February 2008
Nationwide welcomes Which? report
The Nationwide Building Society has welcomed yesterday's report from a consumer magazine which highlighted the failure of Britain's largest banks to offer best buy deals.
Researchers from Which? magazine found that just nine of the 64 best-buy financial products - including credit cards, current accounts and loans - were offered by the big five UK retail banks.
Matthew Carter, savings and mortgage director at Nationwide, said that the findings should help bring about a change in consumer habits and encourage more people to opt for smaller lenders.
He commented: "It will be a challenge to change the shape of the industry as the big five banks have such a large market share.
"However, with the support of consumer organisations such as Which?, consumers will be better informed about the products that are best for them and this could encourage more people to move from the big banks to organisations that offer a better proposition."
Banks deemed to make up the big five are Barclays, HBOS, HSBC, Lloyds TSB and Royal Bank of Scotland (RBS)/NatWest.
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