HSBC to close 114 branches in 2023

HSBC has announced it will close 114 sites in 2023 – a quarter of its UK bank branches. 

The banking giant said that more than nine in 10 transactions were now completed digitally, and in the past five years the use of its branch network by regular customers had fallen by 65%. 

Out of the 114 closures announced by HSBC, 17 have triggered assessments from Link - the UK's main ATM operator – to see whether additional cash services will be needed at those locations.  

During 2022, HSBC has closed 69 branches – and more than 600 sites since 2015. 

Here, Which? takes a closer look at which HSBC branches are closing, and what measures are in place to protect cash access. 

Which HSBC branches are closing in 2023?

This table shows the locations of the HSBC branches that have closed in 2022:

Why are more branches closing?

HSBC said that mobile and online banking had accelerated since the the pandemic, and some of the branches that are closing are now serving fewer than 250 customers a week.

It said footfall has reached an 'all time low, with no signs of it returning', and had reduced by at least 50% in three quarters (74%) of sites earmarked for closure. 

Jackie Uhi, head of HSBC UK's branch network, said: 'Banking remotely is becoming the norm for the vast majority of us. Not only can we do it anywhere at any time of day or night, many more things can be done at the customers’ convenience and don’t rely on a branch visit.

'Branches will continue to play an important role in day-to-day banking, while providing specialist face-to-face support in moments that matter.'

HSBC said customers could access services via the Post Office, through its community pop-ups and banking hubs, alongside live chat, social media and telephone banking.

Find out more: More people turn to cash during the cost of living crisis

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Which other banks are closing branches in 2023?

HSBC isn't the only bank to announce closures in 2023. Almost all the big banks have sites earmarked for closure, and more could follow. 

NatWest is due to close 43 branches next year, and Lloyds Banking Group – which includes Halifax, Bank of Scotland and Lloyds Bank – has revealed 17 closures (13 Lloyds Bank and four Halifax sites). 

Barclays has earmarked 11 sites for closure in 2023, Santander will close five sites, and Nationwide has one bank scheduled to close. 

To find out whether your local bank branch is closing, or has recently closed, our bank branch closure checker tool shows the branches shutting down in your local authority area.

Find out more: is your local bank branch closing?

Which banks closed the most branches in 2022?

Lloyds Banking Group was due to close the most branches this year, with 186 announced. This was closely followed by Barclays, with 184 branches.

• Barclays: 184
• Danske Bank: 4
• HSBC: 70
• Lloyds Group (includes Lloyds Bank, Halifax and Bank of Scotland): 186
• NatWest (including Royal Bank of Scotland sites): 83
• Nationwide: 22
• Metro Bank: 3
• Santander: 1
• TSB: 70

Find out more: best and worst banks

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What's being done to protect access to cash?

Here are some of the measures that have been brought in since we started our campaign to protect cash:

The Financial Services and Markets Bill

First announced in the Queen’s Speech in May, the forthcoming legislation will ensure people can continue to conveniently withdraw and deposit cash. This will be monitored and enforced by the Financial Conduct Authority (FCA). 

However, the Scottish Affairs Committee of MPs has accused banks of 'rushing to close [branches] before legislation to protect access to cash and banking services can take effect'. 

With its new powers, the FCA could stop banks and building societies from closing cash access services if there was no suitable alternative within a reasonable distance.

Which? is pushing for there to be a requirement that access to cash is free. Rocio Concha, Which? director of policy and advocacy, said: 'MPs should vote to support a cross-party amendment to the Financial Services and Markets Bill to ensure a minimum level of access to free cash for those who use it, including people on low incomes who will struggle to pay to access their own money.'

Link independent review 

Last December, the Cash Action Group (CAG) announced that any community facing the closure of a core cash service, such as a bank branch or ATM, will trigger an independent review by Link.

Link will determine whether a new solution should be provided and will have the power to commission services, such as a shared banking hub or better Post Office services, to meet the cash needs of the community as a whole – not just the customers of one bank or building society.

Out of the 114 closures announced by HSBC, 17 Link assessments are underway. No additional cash services have been recommended for the remaining branches. 

• Find out more: six things to know about cash legislation