Nationwide Building Society has shared an update about a major change to its services. The mutual is currently the largest building society in the UK, with more than 16 million members. It is also the second largest providers of savings accounts and mortgages in the UK.

The group recently had a mention in Parliament as banking bosses spoke about the wider building society sector. Sarah Harrison, chief executive of the Building Societies Association, told the Treasury Committee it was “very positive” to see mergers in the sector, naming Nationwide as one such example.

Nationwide completed its acquisition of Virgin Money back in October 2024, with millions of customers receiving a £50 bonus as a thank you after the successful merger. Almost a year and a half on from the change, the building society was asked how services for customers have improved thanks to its wider remit.

A spokesperson said: “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 the merger delivered a major financial boost. The spokesperson explained: “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.”

They 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.” Nationwide also spoke about a recent announcement it made about the future of all 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 commitment means Nationwide will keep open all 605 of its current Nationwide branches as well its 95 Virgin Money branches, until at least 2030.

This includes 133 locations where Nationwide is the only high street banking services provider left, according to the building society. Members have also enjoyed bonus payments in recent years as part of the Fairer Share Payment scheme.

This is where Nationwide shares its profits with its members. There have been three rounds of payments through this scheme the past three years, with an £100 payment each time.

Asked i there could be another payment this year, a Nationwide 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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