Number of closed banks expected to hit 6,000 by end of today
THE number of UK bank branches to shut their doors in the past nine years will pass 6,000 today, according to Which?.
The consumer group said the milestone highlights the impact this “avalanche” of closures has had on high streets and the need to provide replacement services for millions of people who rely on them.
Which? said that eight Barclays branches were shutting their doors today, taking the total by the end of the day to 6,005.
This equated to over 60% of the bank branch network since Which? began tracking closures in 2015.
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.
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.
There are various initiatives to help plug gaps in the cash access network, as bank branches close.
The 50th banking hub was recently opened.
Banking hubs allow banks to share facilities.
They 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 £3.48bn 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.