Bank closures 2024: UK branch closures top 6,000 since 2015, impacting millions - TSB, Lloyds and Halifax

The total number of UK bank branches that have closed in the previous nine years will have surpassed 6,000 by the end of today (17 May), reports Which?.

The consumer group said the milestone highlights the effect an “avalanche” of closures has had on high streets, and the importance of offering substitute services to the millions of people who depend on them.

Which? said that eight Barclays locations would close on Friday, bringing the total to 6,005 by the end of the business day on 17 May.

More than 60% of the bank branch network has shuttered since Which? started keeping track of closures in 2015. Barclays has closed 1,216 branches, according to Which?.

Read more: 50th Cash Access UK bank hub opens aiding community

The eight Barclays closures relate to branches in Alperton in Wembley, London: Andover in Hampshire; Bangor in County Down, Northern Ireland; Bracknell in Berkshire; Hornchurch in Essex; Inverness in the Highlands in Scotland; Liverpool; and Streatham in London.

A Barclays spokesperson said: “As visits to branches continue to fall, we need to adapt to provide the best service for all our customers.”

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, Which? said.

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Since 2015, NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches and Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has shut 1,146 sites.

Which? said 200 closures by various banks are already scheduled for the rest of 2024. Currently, 24 more bank branch closures have been scheduled for 2025, although more are expected to be announced later this year and next, it added.

There are various initiatives to help plug gaps in the cash access network as bank branches close, and the 50th banking hub was recently opened.

Banking hubs allow banks to share facilities, and have a counter service operated by the Post Office, allowing customers to conduct routine banking transactions.

The Post Office also recently reported that cash transactions at its branches totalled a record £3.48 billion in April. The Post Office has an agreement with many banks, allowing their customers to carry out everyday banking over its counters.

With a general election looming, Which? said it believes that the next government should commit to delivering at least 200 shared banking hubs in the first two years following the election.

It added that 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.”