Bank named as UK’s worst offender

RBS has been named and shamed as the bank that has closed the most of its branches after axing hundreds of High Street sites over the last eight years.

The bank, which is owned by NatWest and was bailed out by the taxpayer during the last financial crisis, has shuttered more than 80 per cent of its locations since 2015.

It is the worst offender of the major High Street banks, having closed the biggest portion of its branch network, the Daily Mail can reveal. 

RBS has shut 451 branches since 2015 and is preparing to close two more this year, which will leave just 104 sites still open. 

Banks have argued that shutting branches is necessary as most customers now prefer to manage their finances online. 

But campaigners said mass closures risk ‘cutting off’ the elderly, who prefer to use face-to-face services.

Charity Independent Age said some older customers do not have access to the internet – either due to a lack of confidence or due to the cost – and many are afraid of being scammed online.

The charity’s director John Palmer said: ‘It’s very concerning that so many older people are potentially being left without access to a bank branch. Banks must make sure that branch closures do not cut those in later life off from accessing their finances.’

Figures from consumer group Which? show The Co-operative Bank has shut 77.3 per cent of its network by closing 170 sites over the last eight years. There are just 50 branches remaining.

Barclays has shut 74.4 per cent of its network since 2015, leaving customers with just 314 branches across the country. By the end of 2023 it will have closed 1,140 sites –more than any other bank.

HSBC has also closed a huge portion of its branches and only has 335 sites left. It has abandoned 743 locations since 2015, adding up to 68.3 per cent of its branches.

TSB has closed 423 sites – accounting for 66.9 per cent of the number it had in 2015 – and Virgin Money has shut 277, which is 64.7 per cent of its network. 

NatWest, which owns RBS, has closed 61.8 per cent of its locations. 

The bank, which was rocked by the Nigel Farage debanking scandal this summer, will have shut 838 sites by the end of 2023. 

Between them, NatWest and RBS have closed 1,291 branches since 2015. NatWest did not respond to a request for comment.

Lloyds customers will have lost access to 736 branches by the end of the year, totalling 52.5 per cent of its network. 

Lloyds Banking Group also owns Bank of Scotland and Halifax, which have lost 45.4 per cent and 26.7 per cent of their networks respectively.

Santander has closed 477 sites – more than half of its branches at 51.8 per cent – and has 444 remaining. 

Caroline Abrahams, charity director at Age UK said: ‘Another week and another set of figures which clearly illustrates the rapid decline in bank branches countrywide.

‘The continued stream of bank closures over the last few years has been a serious blow for millions of older people.’

Banks said they are adapting to changing customer behaviour and try to provide some in-person services, including pop-up sites and banking hubs, when a permanent site closes.

A spokesman for UK Finance, which represents the banking sector, said: ‘A decision to close a branch is never taken lightly and only after an extensive review of how much it is being used and the other options in the local area.’