Nationwide update over 'very positive' change for customers

Nationwide Building Society members have been told about some "very positive" changes. The savings provider boasts more than 16 million members. The building society was mentioned several times in Parliament at a recent meeting [January 28] of the Treasury Committee.

Sarah Harrison, chief executive of the Building Societies Association, spoke about changes in the building society sector that are improving services for members. She said: "We've seen in the building society sector acquisition, which of course is very positive.

"The two examples are Nationwide and Coventry [Building Society]." Nationwide Building Society completed its acquisition of Virgin Money in October 2024, while Coventry Building Society announced it had finished taking on Co-operative Bank in January 2025.

Nationwide currently has 605 branches, while Virgin Money has 91 branches, adding up to a total network of 969 branches. The building society pledged to keep open all its branches until at least the start of 2030.

This is despite many big-name banks reducing their number of high street outlets, with NatWest, Lloyds, Halifax and Santander all closing branches. Virgin Money still operates as a separate entity from Nationwide.

To join the two businesses as one, Virgin Money will be transferred over to Nationwide. As long as this is approved by legal bodies, this will happen by April 2, 2026.

After Nationwide successfully took on Virgin Money, it paid out a £50 thank-you payment to its members. More than 12 million customers received the £50 payment, with more than £600million paid out in total. The building society has paid out other bonuses to millions of members in recent years, through its Fairer Share Payment.

This scheme is where the mutual shares out its profits, with an £100 payment issued to eligible members three times over the past three years. The group was recently asked if there will be another round of the payment in 2026.

A 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." The group is also offering a £175 bonus if you'll switch over your current account to them.

The bonus is on offer if you'll switch your current account over from a non-Nationwide bank account to a new or existing FlexDirect, FlexAccount or FlexPlus account.

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