Nationwide is the UK's largest building society and one of the oldest financial institutions in the country, founded in 1884 and now serving more than 17 million members. As a mutual, it's owned by its members rather than shareholders, which it argues lets it return value through better rates, fewer fees, and a branch network it has committed to keep open until at least 2030.
Customers
24.5m
UK accounts
Founded
1884
142 years old
App Store
4.8 ★
710k reviews
Google Play
4.7 ★
195k reviews
Live offers
2
Worth £207
Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority under registration number 106078. Eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme.
The UK's biggest building society, owned by its members and known for branches that aren't going anywhere. Quidsy currently has a small Nationwide offer worth a look if you're switching anyway. Suits anyone who wants a solid, branch-backed main bank rather than a digital-only setup. Just don't expect chart-topping savings rates here.
Updated:
Value
£175
Value
£32
Nationwide is the UK's largest building society and one of the oldest financial institutions in the country, founded in 1884 and now serving more than 17 million members. As a mutual, it's owned by its members rather than shareholders, which it argues lets it return value through better rates, fewer fees, and a branch network it has committed to keep open until at least 2030.
In April 2026 Nationwide completed the integration of Virgin Money into the building society, bringing the combined customer base to over 24.5 million while keeping the Virgin Money brand on most products for now.
Nationwide tends to suit people who want a stable, branch-backed bank rather than a digital-only experience, who value mutual ownership over shareholder returns, or who are shopping for a mortgage (it's one of the UK's biggest lenders). FlexDirect, its main current account, is particularly popular with people switching for the in-credit interest.
If you've banked with Nationwide before, or you're after the absolute highest savings rate on the market, you may want to look elsewhere, Nationwide rarely leads the savings tables and the in-credit interest is first-time-customers only.
Yes, Nationwide is one of the safer places to keep your money in the UK. It's authorised by the Prudential Regulation Authority and dual-regulated by the FCA and PRA under registration number 106078, and eligible deposits are protected up to £120,000 per person by the Financial Services Compensation Scheme (the FSCS limit rose from £85,000 on 1 December 2025).
That said, Nationwide isn't blemish-free. In December 2025 the FCA fined the society £44.1 million for inadequate anti-money-laundering systems and controls between 2016 and 2021.
The most serious case in the Final Notice involved a single customer who received roughly £27 million in fraudulent Covid furlough payments through personal Nationwide accounts before being caught; HMRC recovered most of it, but around £800,000 remains unrecovered. Nationwide says it does not believe any of its own customers suffered financial loss as a result of the control failings, settled at the maximum 30% discount, and has rebuilt the controls the FCA flagged.
The fine is the kind of thing a 140-year-old institution survives without much drama, but it's on the public record and worth knowing about.
Next step
£175 Free Cash is the strongest live Nationwide route we have listed right now.
As a building society, Nationwide is owned by its members rather than outside shareholders, which removes one of the structural pressures that pushes banks toward shareholder-first decisions. Its size (more than 17 million members, over 24.5 million including Virgin Money), its length of operating history, and its branch promise to 2030 are the other signals that put it firmly in the "low-risk household name" bucket for UK current accounts and savings.
Nationwide is ideal for anyone looking for a reliable, trustworthy bank with strong customer service and a branch network. They're particularly good for:
• People who value in-person banking - they have the largest branch network in the UK • Those who want competitive savings rates • Anyone looking for a mortgage (they're one of the UK's biggest lenders) • People who prefer a mutual over a traditional bank
605 Nationwide branches across the country, plus 91 Virgin Money branches post-integration. More than any other UK banking brand, with a public promise to keep them all open until at least 2030.
Owned by its 17 million members rather than shareholders, which Nationwide uses to justify reinvesting profit into rates, services, and the branch network instead of paying dividends.
Pays 5% AER on balances up to £1,500 for the first 12 months on its FlexDirect current account, dropping to 1% after that. Requires £1,000+ paid in monthly and is first-time-customers only.
Current accounts, savings, ISAs, mortgages (one of the UK's biggest lenders), credit cards, and loans, with a highly rated mobile app sitting alongside the branch network.
Completed the £2.9 billion integration of Virgin Money in April 2026, adding roughly 6.6 million customers. Virgin Money products keep their own branding for now.
Nationwide is one of my favourites among the high-street names. The mutual structure means decisions tend to lean in the member's direction rather than the shareholder's, the branch network is now the biggest of any UK banking brand and is locked in until 2030, and the mobile app holds its own against the digital-only banks.
If you want a primary current account that feels solid rather than flashy, FlexDirect is a strong pick, 5% on up to £1,500 for the first year is one of the best in-credit rates around, as long as you can pay in at least £1,000 a month and you haven't held a FlexDirect before.
A few honest caveats. Nationwide rarely tops the savings tables, so if your priority is squeezing the maximum interest out of every pound, you'll probably want a separate easy-access account elsewhere alongside the current account.
The December 2025 FCA fine for old AML failings was real money and a fair black mark, even though Nationwide says no customer lost money and the controls have been rebuilt. And the Virgin Money integration that completed in April 2026 is still very fresh, the two brands are running in parallel for now, so if you bank with both, double-check your combined FSCS coverage.
There's no Nationwide sign-up bonus running through Quidsy at the moment, the £175 switch offer ended on 4 March 2026, but if Nationwide reopens a switch incentive we'll list it. For now, Nationwide is a "open it because it earns its keep" rather than a "open it for the cash" recommendation.
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