UK passes milestone of 6,000 bank branches closed in nine years today, Which? reveals
Eight Barclays branches are due to close today - taking the total to 6,005. This equates to over 60 per cent of the bank branch network since Which? began tracking closures in 2015.
The eight banks closing today are Barclays branches in Alperton, Andover, Bangor (Co Down), Bracknell, Hornchurch, Inverness, Liverpool and Streatham.
Barclays is the individual bank that has reduced its network the most, with the total number of branch closures now at 1,216.
NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches - the most of any banking group. Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has shut 1,146 sites.
While the rate of closures had initially appeared to slow down since it reached its peak in 2017, in recent years there has been a troubling surge, with banks seemingly engaging in a race to close branches after the government announced plans in 2020 for laws to protect access to cash, which would potentially make it more difficult to close a branch if alternative cash provision was lacking.
There have already been 200 closures scheduled for the rest of 2024: 50 from Natwest, 43 from Lloyds, 28 from TSB, 26 from Halifax, 20 from RBS, 14 from Barclays, 14 from Bank of Scotland, four Danske branches and one Ulster Bank branch. Currently, 24 more bank branch closures have been scheduled for 2025, although more are expected to be announced later this year and next.
By the end of this year, 33 parliamentary constituencies will be without a single bank branch. While millions of consumers have made the switch to banking digitally, there remains a significant number of people who are not yet ready or willing to make that jump, underscoring the need for accessible alternatives.
Despite the introduction of various alternatives to bank branches across the country, such as enhanced Post Offices and banking hubs designed to address the gaps left by physical branches, the rollout is progressing too slowly. Currently, just 50 of the 130 recommended banking hub locations have opened.
The consumer champion believes that more must be done to ensure communities get these replacements for their closed bank branches as soon as possible.
While alternatives to bank branches such as Post Offices offer services like withdrawing cash, some banks still insist on customers coming into the branch to carry out services such as registering power of attorney.
A recent Which? investigation found that several high street banks fared poorly when it came to registering power of attorney. Waiting for in-branch appointments can add delays to the process, which has likely not been helped by the rapid rate of bank branch closures in recent years. Banking hubs do not always offer power of attorney services.
It is vital that the Financial Conduct Authority works closely with banks and holds them accountable over decisions to close branches. Banks must commit to keeping branches open until alternative arrangements to protect access to cash, as recommended by LINK's independent assessments, are up and running.
With a general election looming, Which? believes that the next government should commit to delivering at least 200 shared banking hubs in the first two years following the election. As bank branch closures are likely to continue in the coming years, any target may need to be revised upwards to keep pace.
Sam Richardson, Deputy Editor of Which? Money, said:
"This milestone of more than 6,000 bank branch closures in just nine years underscores the seismic shift that has taken place in terms of our banking habits and the character of the British high street.
“While some may hardly notice the closure of their local branch as they seamlessly switch to online banking, for others reliant on face-to-face services, the impact can be disastrous.
"It's not about halting closures altogether, but ensuring that essential banking services remain accessible to those who still rely on them. It is crucial that the government prioritises opening more hubs quickly, so that people aren’t left behind.”
-ENDS-
Notes to Editors:
By the end of Friday 17th May, the UK will pass the milestone for 6,000 bank branches closed. This does not include branches that are scheduled to close by the end of 2024 or 2025.
The addresses of the eight Barclays branches closing their doors on 17 May are:
- Bracknell - 1 High Street, Bracknell, RG12 1DR
- Hornchurch - 136 High Street, Hornchurch, RM12 4UX
- Andover - 5 High Street, Andover, SP10 1LN
- Streatham - 136 High Road, London, SW16 1BN
- Liverpool - 164 Allerton Road, Liverpool, L18 2DH
- Alperton - 220 Ealing Road, Wembley, HA0 4QH
- Bangor - 16 Main Street, Bangor, County Down, BT20 5BS
- Inverness - 19a Union Street, Inverness, IV1 1QA
More information on local bank branch closures can be found using Which?'s unique tool: Bank branch closures: is your local bank closing?.
The figures below show the parliamentary constituencies that will have zero physical bank branches left by the end of the year and their population estimates.
Constituency and Population estimate (rounded to nearest thousand)
Barnsley East 94,000
Bolton West 98,000
Bradford South 106,000
Bury South 103,000
Central Suffolk and North Ipswich 102,000
Chatham and Aylesford 103,000
Clwyd South 70,000
Colne Valley 112,000
Dagenham and Rainham 117,000
Denton and Reddish 88,000
Don Valley 99,000
East Worthing and Shoreham 99,000
Erith and Thamesmead 117,000
Glasgow North East 88,000
Liverpool, West Derby 94,000
Mid Bedfordshire 121,000
Mid Derbyshire 83,000
Newport East 84,000
North East Derbyshire 92,000
Nottingham East 98,000
Penistone and Stocksbridge 89,000
Plymouth, Moor View 94,000
Reading West 112,000
Rhondda 68,000
Sedgefield 85,000
Sheffield, Hallam 85,000
St Helens North 100,000
Stone 86,000
Swansea East 81,000
Warrington North 95,000
Wentworth and Dearne 100,000
Wirral West 68,000
York Outer 92,000
*Total excl. communal establishment 3,123,000
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