A MAJOR high street bank is set to permanently close 27 branches starting within days because “less than 10 customers” use them.
According to closure assessments by the bank, one key factor that influenced its decision to shut the branches is the tiny number of customers who use them regularly as their main way of banking.
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Major lenders have been rapidly closing branches over the last year and dozens more are set to be axed this year as banks look to cut costs.
In total, 340 high street bank branches are set to close in 2024 while more than 50 are set to shut in April alone.
Customers are increasingly turning to online and mobile banking to manage their finances.
But banks are under pressure to keep branches open in towns where there are no rival branches – known as “bank branch deserts” to accommodate customers who don’t have access to online banking.
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However, keeping a bank branch running isn’t cheap, with the City watchdog, the FCA, estimating that it costs around £590,000 to keep one branch open for a year.
Keeping an outlet running for just 10 regular customers would work out at a whopping £59,000 per head each year.
Barclays states that customer numbers are one of several key factors it considers when deciding whether to shut a branch.
Other factors include what percentage of its customers have used a nearby branch within the last 12 months and how many people who use the branch also have access to online banking.
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A spokesperson for Barclays said: “As visits to branches continue to fall, we need to adapt to provide the best service for all our customers.
“Where levels of demand don’t support a branch, we maintain an in-person presence though our Barclays Local network, live in over 350 locations, based in libraries, town halls, mobile vans and our banking pods.
“We also support access to cash with our cashback without purchase service, 24-hour deposit-taking ATMs and by working alongside the Post Office and Cash Access UK.”
Below is the full list of Barclays branches due to close that are used regularly by less than 10 customers.
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Full list of Barclays branches due to close which are used regularly by less than 10 customers
- Forest Gate, London – closing April 11
- Bridgend, Somerset – closing April 12
- Bishop’s Stortford, Essex – closing April 12
- South Kensington, London – closing April 12
- Birmingham Longbridge – closing April 18
- Ramsgate, Kent – closing April 19
- Lancaster, Lancs – closing April 25
- Shawlands, Glasgow – closing April 26
- Aberystwyth, Ceredigion – closing May 3
- Willesden Green, London – closing May 3
- Dewsbury, West Yorks – closing May 9
- Ayr, South Ayrshire – closing May 10
- Spalding, Lincolnshire – May 10
- Boston, Lincolnshire – May 10
- Inverness, Highland – May 17
- Alperton, London – May 17
- Hornchurch, London – May 17
- Fulham Broadway, London – May 23
- Leicester Belgrave Road – closing July 19
- Keighley, North Yorks – closing August 9
- Park Royal, London – closing August 9
- Halifax, North Yorks – closing August 16
- St Neots, Cambridgeshire – closing January 2025
- Borehamwood, Hertfordshire – TBC
- Farnham, Surrey – TBC
- South Woodford, London – TBC
The following branches which closed in March were also used by less than 10 customers:
- Rayleigh, Essex – closed March 22
- Beverley, Easy Riding of Yorks – closed March 21
- Dundee – closed March 15
- Perth – closed March 8
What can I do if my bank branch closes?
If your bank branch closes, it may be worth switching banks to another lender that still has a branch nearby.
It’s easy to switch current accounts through the Current Account Switch Service (CASS) – just open a new account and ask the bank to switch your old account over.
Some banks are even offering switching incentives to move.
For example, First Direct is offering £175 to new customers who move from another bank.
These incentives can be pulled at any time – Natwest just ended its £200 switching deal – so don’t delay if you’re planning to make the move.
It may also be worth getting set up with online banking before your branch closes.
That way, you can ask someone to help you get started in person.
Most banks have mobile apps which are easy to use and allow you to do basic banking and transactions from home.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
