A committee of MPs recently spoke about the work of Nationwide
Nationwide Building Society has provided an update regarding a major change to its services. The mutual is the UK’s largest building society, boasting over 16 million members, and ranks as the nation’s second biggest provider of both savings accounts and mortgages.
The organisation was recently discussed in Parliament as banking executives spoke about the broader building society sector. Sarah Harrison, chief executive of the Building Societies Association, informed the Treasury Committee that mergers within the sector were “very positive”, citing Nationwide as an example. Nationwide finalised its takeover of Virgin Money in October 2024, with millions of customers receiving a £50 bonus as a thank you gesture after the successful merger.
Nearly 18 months after the transaction, the building society was asked how services for customers have been stepped up given its expanded scope. A spokesperson said: “Having a broader product range, including a wider credit card offering, and retaining Virgin Money’s profits in the Nationwide Group increases our financial strength and stability.
“Profits can be reinvested in better products and services, meaning we can deliver even greater value back to our customers, through better rates than the market average.” The mutual also revealed that the merger provided a significant financial uplift.
The spokesperson said: “We recorded a £2.3bilion gain on completion of the acquisition which will help cover integration costs, invest in customer service and deliver more value across the Group.” They also said: “Following the acquisition, Nationwide became the first large-scale mutual to offer business banking and, as our strategy continues to evolve, we will bring the benefits of our mutual model to businesses across the UK.”
Nationwide also addressed a recent announcement regarding the future of its high street branches. The spokesperson said: “We recently extended our Branch Promise to 2030, which includes all Nationwide and Virgin Money branches as we continue to provide choice in how our customers bank with us.”
This pledge means Nationwide will maintain all 605 of its existing Nationwide branches alongside its 95 Virgin Money branches, until at least 2030. This includes 133 locations where Nationwide remains the sole high street banking provider, according to the building society.
£100 bonus payments
Members have also benefited from bonus payments in recent years through the Fairer Share Payment scheme, which involves Nationwide distributing its profits among its members. Over the past three years, there have been three rounds of payments, with £100 paid out each time.
Nationwide was asked if there could be another payment on the way this year. The 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.”
For the latest money saving tips, shopping and consumer news, go to the new Everything Money website.
