Cheethambell becomes the lead agency on the account, replacing M&C Saatchi, which held the account for the past eight years.
Throughout the review, Warren Langley, the head of marketing communications at Bradford & Bingley, was looking for a multimedia idea that could help revitalise the once-famous brand that has suffered from poor awareness in recent years.
The account had been worth around £3.5 million. However, this figure is set to double as the building society renews its commitment to television.
The appointment is the latest part of the company's marketing review.
Earlier this month, Bradford & Bingley appointed The Partners and Value Engineers to collaborate on a brand overhaul.
The company is also seeking agencies to revamp its digital strategy.
It has invited agencies to pitch for briefs that include site redesign, online advertising, online planning and buying, and e-mail marketing.