Nationwide pledges to keep high street branches open until 2026
Britain’s biggest building society said it was extending its branch promise as in-person banking remains popular with its members.
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Your support makes all the difference.Nationwide Building Society has promised to keep its high street branches open until 2026 in a bid to keep face-to-face banking alive in local communities.
Britain’s biggest building society said it was extending its branch promise as in-person banking remains popular with its members.
Under the pledge, Nationwide says it will not leave any town or city in which it is already based until at least 2026. The commitment has been in place since 2019.
It means the lender vows to keep its network of 605 branches open for the next three years.
Some £46 million has been invested in maintaining its branch network, it said.
Because our customers value face-to-face contact, and we’re owned by them, we act in their interests
If there are multiple sites in one area then the group can still close a branch, or in circumstances such as if a lease expires. Since last year, 20 branches have been closed across England and Scotland.
Nationwide, which is a mutual organisation owned by its members, said there is still demand for in-person banking despite the growth in online options.
People still want to visit a branch to access services such as setting up a current account or a bond, or to access financial advice or support, the building society said.
Almost half of openings of its recently launched Fairer Share Bond, which pays 4.75% to savers, were arranged face-to-face, and more than a third of current accounts were opened in a branch so far this year, Nationwide revealed.
It marks a contrast from other major British lenders who have cut hundreds of branches in the past year, arguing that they are far less popular than they used to be as more people prefer to bank digitally.
Barclays, Lloyds, Halifax, Bank of Scotland, NatWest, RBS, TSB, Virgin Money and Nationwide have announced the closure of about 330 branches between them since the start of the year, according to data from Link, a cash machine company.
Banking giants such as Barclays and Lloyds said the number of visitors to high street banks has dropped sharply over the past few years, while online and mobile banking usage has soared.
But Nationwide said that people still want the choice to visit their bank in person.
Debbie Crosbie, the building society’s chief executive, said: “Nationwide is different. We give customers a choice about how they do their banking and we support the British high street.
“Because our customers value face-to-face contact, and we’re owned by them, we act in their interests.”
Around 63% of people say they value their local branch, according to the lender’s survey of about 2,000 consumers.
The top reasons people cited for visiting a branch were withdrawing cash, checking balances, opening an account, getting financial advice and discussing financial difficulties.