Nationwide Building Society Update on Savings, Branch Access, and Merger Benefits

Nationwide Building Society has announced significant changes to its savings and banking services for its 16 million members. The updates follow the mutual's landmark acquisition of Virgin Money, which has reshaped its product range and strategic focus. These changes affect savings rates, access to high street branches, and the overall value proposition for both personal and business customers.

A key update is the promotion of the Flex Regular Saver account, which offers a competitive 6.5% interest rate. Savers can deposit up to £200 each month for a year, after which the balance transfers to an instant access account. This product is highlighted as a flagship offering in a broader market where savings rates are expected to face downward pressure.

At the same time, Nationwide has reaffirmed its commitment to physical banking by extending its Branch Promise until at least 2030. This guarantee covers over 700 locations, including 605 Nationwide branches and 95 former Virgin Money sites. The commitment is especially important for 133 communities where Nationwide remains the sole high street banking provider, ensuring continued face-to-face service.

The integration of Virgin Money has provided a substantial financial boost, with a reported £2.3 billion gain. This capital is being used to cover merger costs, invest in customer service, and develop improved products. The acquisition has also allowed Nationwide to expand into business banking, making it the first large mutual to offer such services, with plans to extend the benefits of its mutual ownership model to commercial clients across the UK.