UK has lost a third of bank branches in just five years

MORE than a third of the country’s bank branches have closed in the past five years.

The research by Which? shows that 3,303 shut their doors between January 2015 and August 2019.

Fewer than 50 sites opened, meaning there are now only 6,549 branches left around the UK.

NatWest, part of the RBS Group, was the worst offender, closing 638 banks – nearly half its network.

Royal Bank of Scotland cut its network by 74 per cent, closing 412 sites. HSBC shut 442 branches and the Lloyds Banking Group, which includes Lloyds, Halifax and Bank of Scotland, cut 569.

Barclays refused to disclose a figure but Which? gave an estimate of at least 481.

Jenny Ross, the consumer group’s money editor, said: ‘Banks are closing their branches at an alarming rate, which risks shutting many people out of vital financial services and affecting their ability to access their own cash.

‘Bank branches play a crucial role within communities, serving consumers and businesses alike. The industry must ensure no one is left behind by the digital transition and that when banks shut their doors they don’t shut their customers out of important banking services.’

Which? said rural areas were worst hit. The Wentworth and Dearne parliamentary constituency in South Yorkshire no longer has a branch for its 98,000 residents.

North East Derbyshire and Stoke on Trent North have lost six branches each, while Central Devon has lost 81 per cent of its banks.

Opening hours have been cut at 298 branches to just four days a week or less.

In Scotland 11 branches are open for just one day a week, while 45 offer services on only two days.

The closures mean communities are losing cashpoints at a record pace, with 600 free machines vanishing a month.

Customers who rely on post offices to access their cash are also being hit with closures. In less than a decade its network has shrunk from 18,000 to 11,503 locations.

Caroline Abrahams of the charity Age UK said: ‘The rate at which banks are closing local branches is a huge concern and a serious blow for the millions of older people who rely on them, particularly those who are not online or confident with mobile banking. It is frankly unacceptable that so many banks are shutting branches and withdrawing essential services before putting in place alternative solutions to meet the needs of their older customers, particularly those in rural and semi-rural areas.

‘ Banks must think more strategically about how they can support all of their customers to carry out their essential banking in an accessible and secure way.’

The Payment Systems Regulator said it was working with government and other regulators to find ‘long-term, sustainable solutions’ for bank customers to access cash.

A spokesman for UK Finance, the banking trade body, said: ‘Bank branches play an important role in the life of local communities and decisions to close them are never taken lightly. Research shows consumers are increasingly choosing new ways to help them with their banking, using technology to check balances and make payments – or even speak to their bank 24/7.

‘But technology is not for everyone and maintaining access to cash is vital to ensure no one is left behind.

‘Customers are now able to access everyday banking services at 11,500 post offices across the country, while banks continue to invest in the ATM network and services such as mobile branches to reach more rural communities.’

Earlier this year the Daily Mail launched a campaign calling on the Government to guarantee the future of the post office network with proper funding.

‘A serious blow for millions’