Nationwide pledges to keep its 625 branches open until 2024
The building society is extending its branch pledge by a year amid the cost-of-living-crisis.
While an ever-increasing number of banks have chosen to close their branches as consumers turn to digital banking, Nationwide has reaffirmed its pledge to keep its open.
Having promised that branches would remain open until at least January 2023, the bank has now extended this deadline to 2024.
With 625 branches across the UK, making it the third-largest network of branches, the building society seems to be going against the actions of all its biggest competitors, who have been consistently closing branches over the course of the last year.
“Supporting members through the cost-of-living crisis is my immediate priority,” Nationwide CEO Debbie Crosbie said.
“That’s why I’ve decided to extend our Promise to keep branches on the high street.”
A string of major banks have seen a number of closures recently, with many more planned for the rest of the year.
Barclays recently confirmed it would close 40 branches over the course of three months, starting on 22 June.
Lloyds, Halifax and Bank of Scotland will lose 136 branches by the end of the year after Lloyds Banking Group shared an additional 27 closures, and TSB has already closed 44 this year, with a further 26 planned for this month.
Similarly, Santander shared in March of this year that it would be closing 111 branches following a network review.
Nationwide said that its position as a mutual means that all profit is reinvested for the benefits of its members, which allows it to make choices about how to meet its customers' needs.
“By extending the Branch Promise, members who face financial difficulties can discuss the practical support we offer in person with specially trained colleagues,” she added.