Third of banks close in 5 years

SOME of the biggest traditional banks have shut more than one in three of their UK branches over the past five years as they turn away from the high street and bulk up their digital offerings.

- Henry Pritchard

Data from the Office for National Statistics (ONS) shows the number of bank, credit union and building society branches tumbled from 10,410 in 2019 to just 6,870 in 2024 - a huge 34% decline.

‘And the number of branches closing their doors has continued to grow steadily this year, with NatWest, Halifax, Lloyds and Bank of Scotland set to shut 113 before the end of November.

In March, Santander said it would close 94 of its 444 branches in the UK, with 14 sites shuttering this month alone.