Is the future of banking online only? NatWest and Lloyds to axe 81 branches, taking this year’s total to 213. Here’s a list of closures:
Two of the UK’s biggest banking groups have announced plans to make big cuts to their branch networks this year, cutting more than 80 sites from around the country.
Lloyds Group and NatWest Group have said that the sites in England, Scotland, Wales and the Isle of Man will close between July and November this year.
The 81 branches which are slated for closure include four from Bank of Scotland, nine Halifax, 26 Lloyds, 40 NatWest and two Royal Bank of Scotland. The announcement was made on Wednesday.
It means that in the first three months of this year banks have earmarked 213 sites for closure across the country, with NatWest (63) and Barclays (58) closing the most.
Nationwide, TSB and Virgin Money have also announced a small number of closures each.
The banks are cutting back on their branches simply because they are not being used like they used to be.
An increasingly large proportion of customers choose instead to bank from the comfort of their own homes, using their smartphones or computers to manage their money, rather than travelling to a branch and waiting in a queue.
But for those with less access to technology, often older people, the closure of local branches can present additional challenges – increasing the distance they need to travel to deal with cash.
Lloyds told City PM the branches had closed due to a massive shift to using apps and online banking, with 20.2m customers using online banking and 17.1m using apps.
It said branch visits have fallen, with the use of its 39 branches that will close by an average 59% per cent – and up to 69 per cent – in the last five years.
The bank added that all staff would be relocated to other branches – and there are no immediate planned job losses.
A Lloyds Banking Group spokesperson told City PM: “Our customers are increasingly using digital channels to manage their money – we now have over 20 million regular digital users so it’s important we continue to develop the online services our customers want to use. Our branches will continue to be an option for our customers, alongside our telephone services, mobile app and online bank.”
NatWest told City PM its aim is to reduce compulsory redundancies and help any current employees into other work with the company.
A NatWest spokesperson said: “As with many industries, most of our customers are shifting to mobile and online banking, because it’s faster and easier for people to manage their financial lives.
“We understand and recognise that digital solutions aren’t right for everyone or every situation, and that when we close branches we have to make sure that no one is left behind.
“We take our responsibility seriously to support the people who face challenges in moving online, so we are investing to provide them with support and alternatives that work for them.”
Age UK has also been approached for comment about the impact of closures on older people.
Below is the full list of 81 closures which have been announced by the two groups this week and the date on which they are expected to shut.
Bank of Scotland
Roman Road, Bearsden – July 25
Lawnmarket, Edinburgh – July 26
Albert Drive, Pollokshields – July 27
North Deeside Road, Cults – August 14
Halifax
Rushey Green, Catford – July 18
Emersons Green Retail Pk, Bristol – July 19
Bridge Street, Tadcaster – August 22
Manchester Road, Denton – August 30
Kirkgate, Otley – September 5
Beveridge Way, Newton Aycliffe – September 6
John Street, Porthcawl – September 7
Market Street, Newmarket – September 11
Huddersfield Road, Mirfield – September 21
Lloyds
Benton Road, Benton – July 17
Rightwell East, Bretton Centre, Peterborough – July 17
Sea Road, Fulwell – July 20
Station Road, Chapeltown – July 24
Holloway Road, London – July 25
Carlton Hill, Carlton – July 26
Chesterton Road, Cambridge – July 31
High Street, Shepton Mallet – July 31
London Road, Hazel Grove – August 1
Thavies Inn House, Holborn Circus, London – August 1
Threadneedle Street, London – August 2
Heol-y-Neuadd, Tumble – August 3
Market Street, Eckington – August 9
Union Road, New Mills – August 17
Grover Walk, Corringham – August 21
Long Street, Wotton-Under-Edge – August 23
Bridge Street, Downham Market – September 4
Market Street, Shirebrook – September 4
High Street, Sidmouth – September 5
John Street, Porthcawl – September 7
Queen Street, Withernsea – September 12
Fore Street, Wellington – September 13
Station Road, Newburn, Newcastle upon Tyne – September 14
Ockham Road South, East Horsley – September 18
Commercial Street, Ystradgynlais – September 19
Great North Road, Doncaster – September 20
NatWest
Gerard Street, Ashton-in-Makerfield – June 27
Jail Yard Parade, Rothwell – June 28
School Road, Tilehurst – June 28
Queensway, Bletchley – June 29
Queens Road, Bristol – July 4
Whitgift Centre, Croydon – July 4
High Street, Deal – July 5
Dean Street, London – July 5
Hilldene Avenue, Romford – July 6
Finney Lane, Heald Green – July 11
Holderness Road, Hull – July 11
London Road, Isleworth – July 12
Wells Road, Knowle – July 12
Aldersgate Street, London – July 13
High Street, New Malden – July 13
Richmond Road, Cardiff – July 18
South End, Croydon – July 19
High Street, Street – July 19
Anchor Road, Aldridge – July 20
Park View, Whitley Bay – July 20
High Street, Dorking – July 25
Broad Street, March – July 25
Lincoln Road, Peterborough – July 26
Market Street, Tamworth – July 27
Market Place, Blandford Forum – August 1
Market Place, Wymondham – August 1
King Street, Knutsford – August 2
High Street, Runcorn – August 2
High Street, Stony Stratford – August 3
The Shopping Centre, Bournemouth – August 8
High Street, Westbury on Trym – August 8
Bradford Road, Brighouse – August 9
Market Place & Bridge Street Corner, Fakenham – August 10
St Thomas Square, Ryde – August 10
Fore Street, Hertford – August 15
Pavillion Buildings, Brighton – August 16
High Street, Christchurch – August 16
Fleet Street, London – August 17
Garstang Road, Fulwood – August 17
Gredley House, Stratford – November 30
Royal Bank of Scotland
High Street, Tranent – July 27
Church Street, Johnstone – August 15
Press Association – August Graham