Plymouth is to lose another bank as Lloyds prepares to close one of its three remaining branches in the city. The Lloyds bank on Wolseley Road in St Budeaux will close its doors next week on January 10.
It is one of 60 Lloyds branches announced for closure in 2024. More than a hundred other banks closures across the UK are scheduled for this year, as Halifax will shut 47 branches and 34 from Barclays will go. Bank of Scotland (BoS) is closing 16 sites, NatWest will shut 21, Ulster Bank will close ten locations and Royal Bank of Scotland will shut one.
The bank says the closure is a result of a number of factors, mostly that there aren’t enough customers using the branch. In a statement outlining the reason for closure, Lloyds said: “The world is becoming more digital than ever before and more of our customers are doing their everyday banking online.
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“With more customers choosing to use digital ways to bank and manage their money, visits at this branch have fallen. As a result, we’ve made the difficult decision to close it. “
It added that just 252 customers used the branch regularly in 12 months to March 2023, and that 78% of customers using St Budeaux branch have also used other Lloyds Bank branches or internet banking.
Plymouth has already lost Lloyds branches in Stoke, Southway, Mutley Plain, Plympton, and Raleigh Street in the city centre. After the St Budeaux branch closes next week, it will leave just two branches in the city – Royal Parade and Plymstock.
