Nearly 3 million people to be left without a bank branch in their local constituency

Nearly 3 million people will live in a parliamentary constituency without a physical bank branch by the end of the year, Which? research has found.

Banks and building societies have closed at an alarming rate in recent years, with more than 5,800 branches shut since 2015. That's around 54 each month and well over half the number of branches that were open at the start of 2015.

The rapid pace of closures means that by the end of this year, there will be 30 constituencies, with an estimated population of 2.8 million, that have no physical bank branch.

Is your area about to lose all its bank branches?

Here are the 30 constituencies that will be without a physical bank branch by the end of the year.

Which banks are shutting branches in 2024?

A total of 645 branches were shuttered for good last year, and another 204 are pencilled in for 2024. There will almost certainly be more closures announced in the coming months, so the list of branchless constituencies is likely to grow before the end of this year.

Lloyds Banking Group currently has 123 branches scheduled for closure across 2024, the most of any banking brand, followed by Barclays (49) and NatWest Group (32).

Since the start of 2015, NatWest Group has closed 1,333 branches – the most of any banking group.

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. Cash use accounted for 19% of all transactions in 2022, up from 15% in 2021, according to the British Retail Consortium.

• Find out more: Bank branch closures: is your local bank closing?

What’s being done to protect access to cash?

Banks and building societies are required to ensure adequate levels of local cash provision under new rules introduced by the Financial Conduct Authority (FCA). 

The FCA said its new rules mean that any location set to lose a bank or other cash access point must have alternative provisions in place before it shuts.

Various alternatives to bank branches are being introduced in different parts of the country, such as enhanced Post Offices and banking hubs, designed to help plug gaps left by physical branches.

However, their rollout remains slow – currently, just 30 of the 101 recommended banking hub locations have opened according to ATM provider Link.

Sam Richardson, deputy editor of Which? Money, said: ‘A closed bank branch isn't just a high street eyesore, but one less place for consumers to go to withdraw cash or access in-person banking services.

‘Which? research shows that millions of people could be without a local branch by the end of 2024 as banks continue to close at an alarming rate. 

‘Alternatives like banking hubs could help plug the gaps, but they are being rolled out too slowly, so more must be done to ensure communities get these replacements for their closed bank branches as soon as possible.

‘It's vital that the FCA works closely with banks and holds them accountable over decisions to close branches so more people aren't left at risk of being cut adrift.’

'Banks are having to make difficult decisions'

A spokesperson for UK Finance, which represents the banking and finance industry, said: 'An ever-increasing number of people are using telephone, mobile and internet banking and fewer people are visiting bank branches on a regular basis.

'This means banks are having to make difficult decisions about the number of branches they operate. A decision to close one is never taken lightly and only happens after an extensive review of its usage and consideration of other options in the local area.

'The banking industry is committed to ensuring there is continued access to cash for those who need it when they need it. Significant ongoing investment is being made to deliver this commitment, including shared banking hubs, free ATMs and cashback without purchase.'

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