In a landscape where many major high street banks are scaling back their physical presence, Nationwide Building Society is pursuing a contrasting strategy, focusing on expanding its branch network and rewarding customer loyalty. This approach appears to be paying off, with the building society attracting a significant number of new current account holders and consistently sharing profits with its members.
Latest figures from the Current Account Switch Service reveal Nationwide secured 65,000 new customers in the first quarter of 2026. This starkly contrasts with competitors such as Barclays, which gained 18,500 new customers while planning 166 branch closures in 2026 and 2027, and Lloyds, which netted just 12,000 new customers and has closed 397 branches since March 2022. Nationwide's appeal is bolstered by a £175 switching incentive for eligible new customers, alongside its commitment to maintaining a robust high street presence.
Nationwide has extended its 'Branch Promise', pledging not to close any of its nearly 700 branches until 2030 at the earliest. This commitment, initially set until 2028 and extended in November 2025, positions Nationwide as an outlier among major financial institutions. Dame Debbie Crosbie, Nationwide's chief executive, indicated at the recent Annual General Meeting that the building society is even considering opening new branches in specific locations where there is a clear customer need, with a review currently underway.
Beyond its physical presence, Nationwide's 'Fairer Share' scheme has become a key differentiator. In June 2026, over four million eligible customers received a £100 bonus, marking the fourth consecutive year Nationwide has distributed a share of its profits to members. This initiative, coupled with the branch commitment, resonates with customers who value both financial rewards and accessible face-to-face services.
The move to preserve and potentially expand branches is not unique to Nationwide among mutuals. Newcastle Building Society has invested over £12 million since 2015 to grow its network, opening a new site in Guisborough, North Yorkshire, in April 2026. Similarly, Cumberland Building Society pledged in July 2026 to keep all its 31 branches open. Even major banks, recognising the value customers place on physical branches, have recently made commitments; Santander announced in July 2026 it would not close any of its 480 branches before 2028, and HSBC promised in December 2025 to keep its remaining sites open until at least 2027.