A brand new map has laid naked the size of the UK banking disaster with a staggering 245 branches throughout the UK set to shut their doorways for good this yr.
In January alone, twelve branches belonging to main chains closed and this month it is anticipated {that a} additional 38 will formally shut too.
The information on financial institution closures has been collected by the LINK initiative, a watchdog launched in February 2022 by the UK’s main banks together with Lloyds, HSBC, Natwest, Halifax and Barclays.
LINK’s function is to make sure that Britain’s older inhabitants usually are not left behind because the banking system shifts in direction of on-line cellular banking on the expense of in particular person communication in shops.
Major excessive avenue banking corporations now should notify LINK of their deliberate department closures so the watchdog can be certain that no neighborhood is left with out the money entry and deposit providers it wants.
Take a have a look at our interactive type under to see if YOUR native department is closing.
A brand new map has laid naked the size of the UK banking disaster with a staggering 245 branches throughout the UK set to shut their doorways for good this yr (Pictured: Stock photograph of a Halifax department)
Once LINK has been informed a couple of deliberate closure, it decides whether or not an space’s wants will nonetheless be met even after the closure has taken place and plans for a brand new department if not.
The statistics throughout the UK since LINK launched two years in the past make for grim studying, with 1325 financial institution areas in that interval having notified the group of their intention to shut.
Earlier this month, Barclays introduced they’re to shut one other string of branches over the approaching months in a recent blow for prime avenue customers.
The common excessive avenue financial institution – which boasts 48 million clients as of 2023 – is to start out pulling the shutters down on 16 websites in England, two in Wales, one in Scotland and one in Ireland as quickly as May.
Branches in areas corresponding to London, Liverpool and Livingston will probably be affected within the string of closures.
Barclays beforehand introduced the closures of a minimum of 77 branches over this yr and 2025 – this is along with the 157 branches it had closed in 2023.
Barclays beforehand revealed that solely 10% of transactions now happen face-to-face.
Barclays have introduced they’re to shut one other string of branches over the approaching months in a recent blow for prime avenue customers
The common excessive avenue financial institution – which boasts 48 million clients as of 2023 – is to start out pulling the shutters down on 16 websites in England, two in Wales, one in Scotland and one in Ireland as quickly as May.
The UK based mostly financial institution mentioned as department visits proceed to fall, it must adapt to supply one of the best assist for patrons.
Chris Ashton, Chief Commercial Officer at LINK, mentioned, ‘LINK believes that every one communities want good entry to money to thrive.
‘In 2021, the banking trade agreed that when a financial institution department closes or a request is acquired from a neighborhood, LINK will assess entry to money in that neighborhood bearing in mind components corresponding to current financial institution branches and put up workplaces, the dimensions of the inhabitants and the variety of retailers within the space in addition to native demographics.
‘LINK will then suggest new providers corresponding to banking hubs the place they’re wanted. The assessments comply with Criteria set by the banks and the method will quickly be formally regulated by the FCA.’
‘Since 2021, now we have beneficial 106 new banking hubs which is able to assist carry life again to the High Street and be certain that communities can nonetheless entry money and fundamental banking providers regionally and with many extra to comply with over the approaching few years.
‘We count on {that a} important new community of banking hubs will finally divulge heart’s contents to assist shoppers who want face-to-face providers corresponding to entry to money.’
Caroline Abrahams, Age UK Charity Director, mentioned: “The continuing avalanche of bank branch closures means that by the end of this year there will be considerably fewer opportunities for face-to-face banking than there were even just a couple of years ago.
‘Older people living in rural and semi-rural areas are likely to be the hardest hit, but those in towns and cities are not immune. Our research found that more than 4 million older people with a bank account in Britain are not managing their money online and so are at high risk of digital exclusion.
“Age UK is calling for the protection of physical banking services for those who do not, or cannot bank online, and for the accelerated roll-out of Shared Banking Hubs in areas where bank branches are fast withering away.
‘We applaud the banks for coming together to set up shared Hubs, but it’s important that alternative services are set up speedily, especially in those areas with the greatest need. Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks such as withdrawing and depositing cash, applying for a loan, arranging third party access to their account or starting bereavement proceedings.
‘The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.”