Nationwide has announced it will keep its Burnham-On-Sea branch open until at least the year 2030 — at a time when other banks are shutting their doors.
The new pledge extends Nationwide’s existing “Branch Promise” by two years.
Nationwide’s branch in Burnham High Street is the town’s last remaining banking facility after Lloyds shut down its Burnham-On-Sea branch last November.
Of the previous banks in Burnham, Nat West shut down in Burnham-On-Sea in October 2017 while Barclays Bank closed in 2018 and HSBC also shut its branch during 2017.
Nationwide says it hopes that its commitment offers reassurance to residents who rely on face-to-face banking.
Older and vulnerable customers, as well as small business owners, are among those who benefit most from local branch services.
Nationwide says its decision is based on customer demand, noting that over 200,000 more people used its branches in the last financial year compared to the previous one.
The firm also says it has found younger customers are turning to branches for advice and support.
Dame Debbie Crosbie DBE, Group Chief Executive at Nationwide, said: “Our customers can be confident that they can bank with us whichever way they choose.”
”Branches are important to our customers, to communities, and to the health of our High Streets. That’s why Nationwide will continue to keep branches open in addition to our investment in online and telephone channels.”
Where Nationwide became the last branch in town, such as in Burnham, current account openings have been up 29 per cent year on year, it says.
ATM usage across these branches is up 25 per cent.
Residents can find more about the Branch Promise on Nationwide’s website.
Nationwide says nearly 700 Nationwide branches across the UK will remain open. According to consumer group Which?, more than two-thirds of UK bank branches have closed over the past decade, with over 6,700 closures expected by the end of next year.
