Last week the number of branch shutting since 2015 passed 6,000 according to Which?
The consumer group said this “avalanche” of closures has had a major impact on the high street, highlighting a need to provide replacement services for millions of people who relied on them.
Since February 2022 – when a voluntary agreement saw the major banking groups commit to assessing the impact of every closure – nearly 1,500 banks have either shut or announced their intention to close. That’s the equivalent of nearly two per day.
This month, TSB announced it was shutting 36 branches, while in April the Royal Bank of Scotland said it was closing 18 branches.
It means the major banks are due to shut at least 391 branches in 2024 – a figure which includes 62 in Scotland.
You can see which banks are closing, or have closed, in your area using our interactive map:
Announcing the closures, TSB said it carried out a “full local analysis to understand the impact the change may have on the community” before making a decision to shut any branch or change the opening hours.
The bank said it remains committed to face-to-face services, but added: “To make sure our branch services reflect the current and future needs of our customers, we want to keep open the branches that are used the most – but sometimes this means that we have to close some branches or reduce our opening hours.”
RBS stated: “The way people bank with us has changed dramatically in recent years, with an increased demand for mobile and online services as customers benefit from a faster and easier way to bank.
“Closing a branch is a decision we take very seriously.”
Which? has been tracking bank closures since 2015. In that time, it estimates that 60% of the UK’s banking network has been lost.
Sam Richardson, deputy editor of Which? Money, said: “While some may hardly notice the closure of their local branch as they seamlessly switch to online banking, for others reliant on face-to-face services, the impact can be disastrous.”
The LINK initiative launched in 2022 – which was agreed by all the major banks, including Barclays, HSBC, Natwest, Lloyds and Halifax – to ensure vulnerable customers and small businesses were not left behind in the switch to cashless payments and virtual banking.
Every branch closure is now assessed and when it leaves a community without any local bank, then banking hubs or free ATMs are set up to fill the gap.
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