Newcastle BS to OPEN branch as banks shut

NEWCASTLE has become the latest building society to support the high street, pledging a new branch in the picturesque market town of Barnard Castle, in County Durham. It follows Nationwide’s commitment to keep a branch open in all towns and cities in which it currently has a presence.

The two societies’ support for local communities is in marked contrast to the big banks, which have closed branches in their thousands, leaving some towns bank-less.

Research by consumer group Which? indicates that since 2015, the big banks have axed 3,300 branches between them, with NatWest and HSBC the worst culprits. In some cases, closures have been accompanied by the withdrawal of cash machines, leaving residents and firms struggling to obtain cash.

The new branch in the centre of Barnard Castle replaces an agency run on behalf of Newcastle by a firm of accountants. It is part of a multimillion pound investment in the society’s 28-strong branch network.

Its chief executive Andrew Haigh said: ‘We believe passionately in the importance of the high street to local communities. Banks are constantly closing their doors in towns and cities we operate in, leaving many people and small firms with limited places to do everyday financial transactions.’

In towns where banks have closed and Newcastle has a presence – the likes of Alnwick, Consett, Durham and Yarm – the society has seen a rise in new customer numbers.

Nationwide, by far the country’s biggest building society, has 650 branches and is investing £89million this year in its network. Its commitment to maintain a presence in all the towns and cities it operates in still gives it scope to close branches where it has more than one outlet.