- More than 1,240 savings accounts have been opened at the new branches
The Nottingham Building Society (‘The Nottingham’) opened seven new branches in November and December last year, and to date they have attracted over £14.3 million in savings deposits. The new branches are based in Spalding, Stamford, Huntingdon, Bourne, Thetford, Dereham and Fakenham.
Up to 1,242 people have become members of The Nottingham by opening savings accounts at these seven branches.
The Nottingham is confident that more people will become members as they use the full suite of services at its new branches. These include independent whole of market advice for mortgages and financial planning and support and access to insurance.
David Marlow, Chief Executive of The Nottingham said: “We believe strongly that branches can have a positive future in the UK if their role is reinvented to become more relevant to what customers want. Our branch philosophy is to offer a wide range of services and help address the growing problem people face in accessing financial advice. By taking this approach, we have seen footfall in our branches increase by over 10% in recent years.
“Feedback on our proposition is very positive. Nearly eight out of ten of our customers would recommend us to others, which is around double the average for the retail banking sector.”
The Nottingham now has 67 branches in its network, more than double the number it had in 2012 (32), which contrasts with many banks and building societies who are closing branches. It is the ninth largest building society in the UK, but it has the fifth largest network of branches.(2)
There are now as many as 1,500 market towns in the UK that used to have branches but now have none and this can be devastating for these communities (1).
The Nottingham’s research (3) reveals 63% of people think branches have a key role to play in terms of providing professional face-to-face advice for more complex financial transactions, and this helps explain why 31% believe they could suffer from financial exclusion if their bank or building society branch closed.