Pressure grows over cash access
Nationwide has renewed its promise to keep all 696 of its UK branches open until 2030, pushing its existing guarantee forward by two years and positioning itself firmly against the wider retreat from high street banking.
The commitment covers both Nationwide and Virgin Money sites and comes as major banks cut costs by accelerating their closure programmes. Lloyds, NatWest, Halifax and Bank of Scotland will shut more than 100 branches by the end of November, while Santander has confirmed plans to close nearly 100 of its locations.
Nationwide said the pledge is aimed at winning trust from customers uneasy about switching banks or relying entirely on online services. The organisation reported an 11 per cent rise in branch use in the year to September, with one in three current accounts and one in five savings accounts still opened in person. Even among Gen Z, in-branch demand persists, with around one in ten student accounts opened face to face this academic year.
Nationwide winning on the back of competitor closures
In towns where Nationwide or Virgin Money is now the only bank left, the impact is even more pronounced. New current account openings have climbed almost 30 per cent year on year and cash machine usage has risen by a quarter.
Consumer groups have long warned that mass closures are pushing the UK towards a cashless future, despite millions still relying on physical currency. Regulators have instructed banks to maintain access to cash, prompting the creation of shared banking hubs operated by the Post Office. A total of 350 hubs are due to open by 2029, with 179 currently in operation.
Nationwide hopes that by maintaining a full branch network it can continue attracting customers displaced by rivals’ withdrawals, reinforcing its high street-first strategy as digital banking expands.
