Around 10 banks have closed every week on average in the 海角视频 since the launch of an initiative designed to protect access to cash on the high street.
Nearly 300 banks have closed so far this year alone and by the end of 2024, 415 banks will have been lost to the high street as the pace of closures shows no sign of slowing down.
Of those, 124 closures will leave the communities they served with no remaining branches of any bank.
READ MORE: {}
Another 51 closures have already been announced for next year - and given recent trends it is likely far more closures will be announced in the coming weeks and months.
Since February 2022 - when a voluntary agreement saw the major banking groups commit to assessing the impact of every closure - 1,541 banks have either shut or announced their intention to close.
That includes 1,335 that had closed by the end of last month - an average of around 44 closures per month, or 10 per week.
The LINK initiative to assess the impact of closures - which was agreed by all the major banks including Barclays, HSBC, Natwest, Lloyds, and Halifax - was set up to ensure vulnerable customers and small businesses were not left behind in the switch to cashless payments and virtual banking.
When closures leave communities without any local bank, banking hubs or free ATMs are set up to fill the gap.
Most Read
The wave of bank closures has affected every part of the 海角视频, with a total of 1,257 lost or about to close in England alone, plus another 145 in Scotland, 93 in Wales, 45 in Northern Ireland, and one in the Isle of Wight.
Around a quarter of those closures (436, or 28%) have left the surrounding community with no branch of any bank nearby.
Find where banks have closed near you
The British Independent Retailers Association (Bira) has expressed concern over the mass closures, which it says “disproportionately impact small businesses and vulnerable consumers who depend on access to cash and in-person banking”.
Bira CEO Andrew Goodacre said: “We are saddened by this wave of closures. Banks play a crucial role in supporting local businesses and maintaining the vibrancy of our high streets.
“Their presence is essential for both retailers and consumers who rely on cash transactions and face-to-face banking services.”
Bira is now actively campaigning to preserve bank branches or - at the bare minimum - establish banking hubs in every town and city.
Mr Goodacre added: “We call on the new government and banking sector to take immediate action to ensure the long-term viability of cash access and in-person banking services across the 海角视频.”
Don’t miss
Banking hubs, owned by Cash Access 海角视频 and operated by the Post Office, offer face-to-face cash and banking services, Monday to Friday, 9am to 5pm.
Customers can also talk to a community banker from their own bank on specific days.
So far LINK has recommended 147 banking hubs for communities that no longer have a bank. Of those, 70 have so far opened.
Nick Quin, LINK’s Head of Financial Inclusion, said: “As people choose new ways to pay, LINK’s job is to protect access to cash for anyone who needs it. We’re proud of the work we’ve done recommending almost 150 new banking hubs so far and protecting the 海角视频’s free to use cash machine network. Our work is now regulated by the FCA, which means we can continue to protect access to cash for every high street for as long as it is needed.”
Gareth Oakley, CEO of Cash Access 海角视频, said: “Banking hubs continue to open up across the country with the latest opening in Heywood earlier this month. We hope to have 100 open by the end of this year allowing more communities to access cash and basic banking services on the high street.”
You can use LINK’s online cash locator to find your nearest cash access point via ATM, Post Office, banking hub, or bank branch.