The number of bank branch closures in the UK since 2015 has now exceeded 6,000, according to analysis from Which?.
The consumer watchdog reports that the country’s biggest banks and building societies are shutting down branches at an “alarming rate”.
In the last nine years, high street lenders have closed an estimated 6,006 branches in a blow to bank customers.
This milestone comes as TSB announced 36 of its branches will cease operations between September 2024 and May 2025.
Among the other banks which have confirmed branch closures in recent months include Barclays, NatWest and Royal Bank of Scotland.
In comparison, Nationwide Building Society has pledged to not leave communities without access to banking services until 2026.
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The number of bank branch closures in the UK has hit 6,000 since 2015
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Earlier this year, Jenny Ross, Which?’s Money editor, broke down the impact branch closures are having on Britons’ ability to access vital banking services.
She explained: “For the significant minority of people who still rely on cash, having a local, easily accessible bank branch is essential.
“While it’s true that many consumers are making the switch to online banking, it would be wrong to assume that this means physical branches are no longer required or wanted by the millions of consumers who use cash every day, and rely on it to manage increasingly tight household budgets during the cost-of-living crisis.
“Our figures show that bank branches and free-to-use ATMs have been closing at an alarming rate in recent years, with a very real risk of leaving some of society’s most vulnerable, including the elderly, excluded from accessing essential banking services.”
Recently, a report from the House of Lords Library found those with disabilities, older generations and those living in rural areas are most affected by closures.
In response, experts from Moneyfacts stated: “The Big Four banks must be stopped from abusing their dominant position in the future.
They must restore competition between them – starting with stopping any more bank closures and then restoring branches to unbanked areas.
“The Financial Conduct Authority (FCA), under its Consumer Duty Rules, is now able to wield a fairly large stick and should do so,” the publication concludes.
With the speed of bank branch closures ramping up, experts have warned that up to three million Britons could be left with sufficient access to cash.
MPs have warned the country’s big banks to ensure communities are not left “cashless” and urged them to outline their reasoning behind any potential closures.
LATEST DEVELOPMENTS
NatWest Group has announced more bank branch closures will take place this year GETTYFollowing TSB’s announced this week, the following branches from the bank are set to close in 2024:
- Alloa
- Bedworth
- Birmingham, Pype Hayes
- Bridlington
- Buxton
- Carmarthen, Blue Street
- Cwmbran, General Rees Square
- Dovercourt
- Edinburgh, Leith
- Felixstowe
- Frome
- Glasgow, Cardonald
- Glasgow, Castlemilk
- Haddington
- Hounslow
- Lerwick
- Leven
- London, Bethnal Green
- London, Clapham
- Longton
- Manchester, Middleton
- Newcastle Upon Tyne, Milvain
- Peterhead
- Sheerness
- Stornoway
- Torquay, St Marychurch
- Whitehaven
Following TSB’s announced this week, the following branches from the bank are set to close in 2025:
- Amble
- Aylsham
- Banff
- Bedlington
- Bude
- Crook
- Flint
- Tenbury Wells
- Whitchurch
