The update comes after MPs discussed Nationwide in Parliament
Nationwide Building Society has provided an update regarding a major change to its services. The mutual stands as the UK’s largest building society, serving over 16 million members, and ranks as the nation’s second largest provider of both savings accounts and mortgages.
The organisation was discussed in Parliament recently as banking executives discussed the broader building society sector with MPs. Sarah Harrison, chief executive of the Building Societies Association, informed the Treasury Committee that mergers within the sector were “very positive”, citing Nationwide as an example. Nationwide finalised its takeover of Virgin Money in October 2024, with millions of customers receiving a £50 bonus following the successful merger.
Nearly a year and a half after the takeover, the building society was asked about how its services have been enhanced through its expanded scope. A spokesperson explained: “Having a broader product range, including a wider credit card offering, and retaining Virgin Money’s profits in the Nationwide Group increases our financial strength and stability.
“Profits can be reinvested in better products and services, meaning we can deliver even greater value back to our customers, through better rates than the market average.” The mutual also said there was a major financial boost with the merger.
The spokesperson said: “We recorded a £2.3bilion gain on completion of the acquisition which will help cover integration costs, invest in customer service and deliver more value across the Group.” The spokesperson also said: “Following the acquisition, Nationwide became the first large-scale mutual to offer business banking and, as our strategy continues to evolve, we will bring the benefits of our mutual model to businesses across the UK.”
In its statement, the building society also addressed a recent announcement regarding the future of its high street branches. The spokesperson said: “We recently extended our Branch Promise to 2030, which includes all Nationwide and Virgin Money branches as we continue to provide choice in how our customers bank with us.”
This pledge ensures that all 605 existing Nationwide branches, along with all 95 Virgin Money branches, will remain open, until at least 2030. Among these are 133 locations where Nationwide is the sole remaining high street banking provider, according to the building society.
£100 bonus payments
Members have also benefited from bonus payments in recent years through the Fairer Share Payment scheme, where the group distributes profits among its members. Over the past three years, there have been three rounds of payments, each for £100.
Nationwide was asked if there could be another payment this year. The spokesperson said: “Nationwide’s board will decide on a Fairer Share Payment for 2026 and it will depend on our financial performance.
“That assessment will be made after our financial year end, with the eligibility criteria for this year being agreed then too. The decision will be announced as part of our full year results in May.”
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