In a significant move for the UK's high streets, Nationwide Building Society has announced it will extend its branch promise, guaranteeing the future of its entire network until at least 2030.
A Commitment to Communities
The society has confirmed it will keep every one of its 696 branches open, a commitment that also applies to the recently integrated Virgin Money locations. This new pledge extends the existing Branch Promise by at least another two years. Crucially, the promise holds firm even in areas where a Nationwide branch and a Virgin Money branch are situated close to each other, ensuring no loss of service points.
This decision starkly contrasts with the wider banking industry, which is continuing what has been described as the largest branch closure programme in UK history. According to figures from the consumer group Which?, a staggering 6,561 bank branches have shut their doors since January 2015.
Why Branches Still Matter
Nationwide's commitment is backed by compelling evidence of continued customer reliance on physical locations. The building society revealed that in the six months to the end of September, over a third of its current accounts and over a fifth of its savings accounts were opened in a branch.
Dame Debbie Crosbie DBE, Group Chief Executive at Nationwide, emphasised the importance of this multi-channel approach. She stated: "Our customers can be confident that they can bank with us whichever way they choose. Branches are important to our customers, to communities, and to the health of our High Streets. That’s why Nationwide will continue to keep branches open in addition to our investment in online and telephone channels."
Industry Experts Welcome the Move
Financial experts and community advocates have widely praised the announcement. Emma Jones, Managing Director at Runcorn-based Whenthebanksaysno.co.uk, highlighted the human element often overlooked in the digital age. "For the elderly, there's a social element, too. That daily or weekly trip to the bank is part of their lives," she said, adding that retailers also suffer from reduced footfall when banks retreat from the high street.
Omer Mehmet, Managing Director at Welling-based Trinity Finance, echoed this sentiment, noting it's "easy to forget the societal impact of banks leaving the high street at scale." He pointed out that local shops lose out and the elderly, in particular, lose a service they have relied on for decades.
Ben Perks, Managing Director at Stourbridge-based Orchard Financial Advisers, summarised the sentiment, stating: "Branches have been banished throughout Britain and it’s great to see Nationwide bucking the trend. Many people rely on their local branch and the staff support, so they are a useful resource that needs to remain."
