Bank and building society branches closing at a faster rate

Bank and building society branches are closing down at a rate of almost 60 a month across the UK.

According to analysis by Which? Money, 2,868 UK bank retail branches have shut their doors since 2015 or will do by the end of this year. Of this total,  252 are in Yorkshire and the Humber.

Which? said that coupled with a marked decline in ATM numbers across the country, bank branch closures were having a particularly devastating impact on the 2.7m adults who almost entirely rely on cash in their day-to-day lives.

Credit: Which? Money

Which? Money’s research found that the rate of bank and building society closures is accelerating. Across the UK, there were 879 bank closures last year, up from 630 in 2016.

“We fear that this year could be worse still as some 670 branches have already closed, or been announced to close, by June,” said Which? Money.

“While the decision is clearly a commercial one for a bank to take,” said Which? Money expert Gareth Shaw, “It is also crucial that banks recognise the needs of their customers and the communities they serve, before simply shutting their doors – and their customers out.”