Nationwide commits to keeping branches open until 2026
Nationwide has said it will not leave any town or city it is based in until at least 2026, as part of a renewal to its ‘Branch Promise’.
The building society said that many people still want to be able to bank face-to-face at high street locations, as well as digitally and on mobile. It added that it had invested over £46m into keeping its branches open during the past three years.
Many banks have opted to close their doors as consumer patterns shift, including HSBC, which announced plans to close 114 banks late last year, while some are looking to alternatives such as TSB’s pop-up pods.
Nationwide said that almost half of openings of its recently launched ‘Fairer Share Bond’ were arranged face-to-face and 36% of its current accounts opened so far this year have been done so in-person. It added that branches are also popular for customers needing advice and support.
According to the building society’s research, the majority (63%) of 2,000 surveyed consumers said they valued their local branch.
SaveTheHighStreet.org has endorsed Nationwide’s decision, and called on other high street retailers to do the same. Its co-founder, Alex Schlagman, said the move came “at a good time”.
“These branches add valuable services to local consumers and businesses alike, at a time when so many are impacted by the cost-of-living crisis. We would like to see other large brands putting their name to protecting our towns, cities and high streets across the UK”, he added.