Customers may also be getting bonus payments this year
A senior figure from Nationwide Building Society has provided an update about its branch services available for customers. The announcement from the lender follows a recent statement it issued concerning all 605 of its high street locations.
Banking sector leaders recently addressed the Treasury Committee about initiatives to open up access to financial services. Stephen Noakes, director of retail at Nationwide, discussed the significance of maintaining a physical presence on the high street for the building society.
He told the MPs: “In the last 12 months, 56 per cent of our customers used our branches. For Nationwide, it is not a minority offering. If you look to the demographic of the average Nationwide customer using a branch, it is typically older.”
Customers can use numerous services at a Nationwide branch, including making deposits or withdrawals from accounts, or paying in cheques. Information from the savings giant explains that every branch has a manager who can provide support with financial matters or concerns you may be experiencing.
While numerous banks are scaling back their high street presence, Mr Noakes said he thinks it’s vital people have access to in-person services. He said: “We are probably seeing a disproportionate number of those customers who are offline, but I think it is good for the development of the banking sector that you have a large mutual – it is not just ourselves; other building societies are in the same situation – that will continue to do more channel of choice.
“I think that situation will exist beyond 2030, when we currently have our branch commitment to.” Nationwide has pledged to keep open all its 605 current branches until at least 2030.
The building society will only close or relocate a branch if circumstances arise beyond its control. Nationwide says in its online guidance that it will only shut down or move a branch if “there’s no other workable option”.
£100 bonus payments for Nationwide members
One benefit of holding a Nationwide account in recent years is that you may have received bonus money credited to your account. The building society operates a Fairer Share scheme, through which it distributes profits among its members.
Three payments have been made through the initiative to date across the last three years, with £100 given to millions of members on each occasion. Nationwide previously said it would soon decide whether there would be another round of bonuses for 2026 based on its performance.
A spokesperson said: “Nationwide’s Board will decide on a Fairer Share payment for 2026 and it will depend on our financial performance. That assessment will be made after our financial year-end, with the eligibility criteria for this year being agreed then too.
“The decision will be announced as part of our full-year results in May.” More than four million customers received the payment last year.
To be eligible, you needed to hold a qualifying current account, alongside either a qualifying savings account or a qualifying mortgage.
