TSB will close 70 branches next year following a decline in branch use and more customers using online services.
The closures will result in 150 job losses with those staff affected offered alternative roles.
Following the announcement, the bank will have 220 sites left across the UK.
How many TSB banks have already closed?
In November 2019, TSB shut 82 of its bank branches as part of its closure programme to turn a profit of between £130million and £140million.
Just last year the company closed 164 branches, equivalent to a third of its sites.
The bank has further accelerated its closure plan due to the impact of the pandemic and changing shopping habits as consumers move online.
What has TSB said?
TSB’s chief customer officer Robin Bulloch said: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.
“These changes allow us to maintain an extensive branch presence across the country.”
"They are accompanied by a significant investment programme to upgrade branches to better suit customer needs, and, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities,” he added.
TSB said there will be no closures where it is the only bank left in the area, and in these cases it will open 10 more pop-up branches.
The pop-up sites will be in Bishops Stortford, Camberley, Fort William, Greenwich, Harlesden, Louth, Redcar, Stranaer, Thurso and Tunbridge Wells.
Which TSB banks are closing?
- Bishop’s Stortford
- Bury St Edmunds
- Fort William
- Magdalen Street
- Market Hill
- Melton Mowbray
- Newton Aycliffe
- Tunbridge Wells
- West End
Why are these bank branches closing?
According to the company, these branches carry out a third fewer transactions compared to TSB’s national average.
The sites also have a Post Office or free to use ATM within a mile.
More people using online banking services is having an effect on the amount of bank branches on high streets.
What other UK banks are closing branches?
Last month Lloyd’s and Halifax said they will close 48 sites, despite already announcing 100 closures this year.
Virgin Money announced in September that it will be closing 31 branches as it "adapts to changing consumer demand".
Before August Santander closed 111 sites, leaving it with 425 nationwide banks.
Marks & Spencer also closed all of its banks and current accounts in July.
While HSBC announced at the beginning of 2021 it would close 82 of its branches throughout the year.
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