Nationwide Building Society issues update on bank closures for all branches

Nationwide Building Society has issued an update regarding the closures of the 605 bank branches currently open across the UK.

Nationwide will undertake its most significant rebrand in a generation as all 605 branches are to receive investment as Britain’s biggest building society protects face-to-face service.  

This rebrand is aimed at ensure Nationwide remains attractive and relevant for future generations of customers looking for a financial services provider that puts people before profit.​ 

Debbie Crosbie, Chief Executive of Nationwide Building Society, said: “Nationwide offers a large-scale alternative to the shareholder-owned banks.

“As a major challenger, we are committed to offering a good way to bank for our customers through better service, value and fairness. Our rebrand is the most significant in 36 years and ensures we continue to be relevant for the needs of customers today and tomorrow.”​ 

As major banks across the UK shut down their branches, Nationwide are committing to keep their banks open until 2026.

In a time where internet banking has become popular, many popular banks have shut down due to the lack of customers that come into the store.

Older people who are not able to access internet banking and mobile banking with ease are said to be impacted the most.

However Nationwide have made a pledge to protect branches, and keep them open for face to face services.

Almost half of openings of its recently launched Fairer Share Bond, which pays 4.75 percent to savers, were arranged face-to-face, and more than a third of current accounts were opened in a branch so far this year, Nationwide revealed. 

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It marks a contrast from other major British lenders who have cut hundreds of branches in the past year, arguing that they are far less popular than they used to be as more people prefer to bank digitally. 

Barclays, Lloyds, Halifax, Bank of Scotland, NatWest, RBS, TSB, Virgin Money and Nationwide have announced the closure of about 330 branches between them since the start of the year, according to data from Link, a cash machine company. 

Banking giants such as Barclays and Lloyds said the number of visitors to high street banks has dropped sharply over the past few years, while online and mobile banking usage has soared. 

But Nationwide said that people still want the choice to visit their bank in person. 

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Alongside branches, all payment cards and customer communications will be updated with the new brand as part of a commitment to offer ‘A Good Way To Bank’, based on offering leading service, value and fairness. ​ 

It is the latest move by Nationwide that challenges the shareholder-owned banks by demonstrating the difference a member-owned institution can make for its customers and society. ​ 

In June, Nationwide extended its Branch Promise, meaning it won’t leave any town or city in which it is based until at least 2026. And in May, Nationwide announced it was returning £340 million of profit to 3.4 million eligible members through its inaugural ‘Fairer Share’ payment, with each receiving £100. 

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