Customers may also be getting bonus payments this year
A senior figure from Nationwide Building Society has provided an update regarding its branch services. The announcement from the provider follows a recent statement the group issued about all 605 of its high street locations.
Banking sector leaders recently addressed the Treasury Committee on efforts to broaden access to financial services. Stephen Noakes, director of retail at Nationwide, discussed why it matters for the group to maintain its high street presence. He told the group of 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 access a host of services at a Nationwide branch, including making deposits or withdrawals from your account, or paying in a cheque.
Information from the organisation explains that each branch has a manager who can provide guidance on financial matters or concerns you may have. As numerous banks are scaling back their high street presence, Mr Noakes told the MPs about the ongoing importance of maintaining branch 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 committed to maintaining all its 605 existing branches until at least 2030.
The building society will only close or relocate a branch if circumstances arise beyond its control. Nationwide says on its website it will only shut down or move a branch if “there’s no other workable option”.
£100 payments for Nationwide members
One benefit of being a Nationwide customer in recent years is that you may have received bonus cash credited to your account. The society operates a Fairer Share scheme, distributing profits among its members.
Three payments have been made through the scheme over the past three years, with £100 given to millions of members on each occasion. Nationwide previously indicated it would make a decision on whether another round of bonuses would be issued for 2026 soon.
A spokesperson explained: “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 a qualifying current account, alongside either a qualifying savings account or a qualifying mortgage. Martin Lewis recently offered a piece of advice about the payment on his BBC podcast.
