In a significant move for the UK's high streets, Nationwide Building Society has announced a firm commitment to keep its entire network of bank branches open until at least 2030.
The pledge covers all 696 locations across the country, which now includes the former Virgin Money branches following its recent acquisition. This decision extends the mutual's existing branch promise by another two years.
A Stand Against Widespread Bank Closures
This bold strategy comes at a time when the British banking sector is witnessing an accelerating trend of branch closures, with customers increasingly being pushed towards online services and shared banking hubs.
Nationwide, however, is championing the continued importance of face-to-face banking. Contrary to the assumption that only older generations rely on physical branches, the society revealed that more than one in ten new student accounts were opened in a branch this autumn, demonstrating their value to younger customers too.
Becoming the 'Last Bank in Town'
The building society's extensive network, which was already the UK's largest single-brand branch system with 605 locations, has grown to 696 with the addition of Virgin Money's 91 branches.
This expanded network will remain intact for the next five years, even in areas where branches are in close proximity to one another. Nationwide reported a notable surge in account openings in towns where it has become the 'last branch standing'. Since January, 33 more of its locations have become the only bank branch remaining in their community.
Further cementing the branch's role, around a third of all new current accounts and a fifth of new savings accounts were opened in-person during the six months to September, showing consistent year-on-year growth.
Branches as Community Hubs
Beyond traditional banking services, Nationwide's branches have evolved into vital community centres. They host a range of support services, including dementia support clinics, digital skills lessons to boost confidence, and safe spaces for domestic abuse survivors.
Dame Debbie Crosbie, Group Chief Executive at Nationwide, stated: "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."
This comprehensive approach underscores a belief that the humble high street branch can serve a crucial purpose that extends far beyond simple financial transactions.
