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Evening Standard

World

Jessica Knibbs,Nuray Bulbul and Beril Naz Hassan

List of bank branch closures in 2023, including Virgin Money, NatWest, Lloyds, HSBC and Barclays

Halifax (Organization) NatWest Lloyds Bank

The way we bank has significantly changed in recent years. Now more than ever, people are choosing to do their banking online, rather than in their local branch.

This has caused a knock-on effect, with closures to major high-street banks taking place throughout the UK.

Figures show 5,162 bank and building society branches have closed since January 2015.

A further 206 branches are set to close by the end of 2023, according to Which? magazine findings, although figures vary.

Virgin Money has recently revealed that it will be shutting down 39 of its UK branches, which may lead to 255 workers being made redundant.

Barclays has recently announced plans to close 14 more bank branches across England and Wales, including two in London.

The latest list of closures will take place in June in another blow for the struggling high street, on top of the 55 branches the bank announced were closing earlier this year.

As a result of nationwide closures, thousands of customers will have no access to their bank branches. They will also possibly face the reality of having their local banks shut forever, with around 32 different locations currently being affected.

According to the cash-machine network Link, 242 closures are scheduled for 2023, and some have already occurred this year. Barclays will close 54 branches and 14 more closures were announced earlier this month.

Online Banks Draw in Customers as High-Street Banks Continue to Lose Out https://t.co/SNhE8rpT5b
— Clifford Ganaseb (@CliffordEnzly) January 9, 2023

HSBC is set to close 114 branches and NatWest will bring down the shutters on 52 branches. Meanwhile, Lloyds Bank will close 23 branches, which adds up to 257 closures. Nationwide, however, has promised to keep high-street branches till at least 2024.

The popularity of online banking

Online banking has become an integral way for most people to manage their money and conduct their financial transactions.

The convenience of being able to bank whenever and wherever you choose has changed the banking platform, with a significant drop in customers visiting their local bank.

And business owners may now trust online banks more than traditional high-street banks, with many making the move to digital, reveals the Fintech Times.

Banking through a computer, banking app or a mobile phone is now safe and reliable thanks in part to its secure high protection.

The negative outcome, however, has meant a stark change to the high street, with banking closures becoming commonplace, and resultant job losses.

Bank closures

A list of the areas where banks have closed or are due to close, with dates, are listed below. Click on the bank names for further information on the actual branches being shut.