Bank branches closing at a rate of 60 a month

Bank branches closing at a rate of 60 a month

As many as 60 bank and building society branches are closing down each month, according to research by which, leaving many without access to a highstreet presence.

Which? Money research outlined the trend within the UK retail banking network today (15 June).

It found 2,868 UK retail branches have shut their doors for good since 2015 or will do by the end of this year.

Experts believe this, coupled with a marked decline in ATM numbers across the country, will deprive customers of many essential services.

This is because a massive 2.7 million adults almost entirely rely on cash in their day-to-day lives.

Gareth Shaw, Which? Money expert, said: “While the decision is clearly a commercial one for a bank to take, it is also crucial that banks recognise the needs of their customers and the communities they serve, before simply shutting their doors – and their customers out.”

The data found closures were not spread evenly across the UK.

Scotland was the worst hit of the UK regions, suffering 368 branch losses in the years over the four-year period.

The South East suffered and the South West suffered 361 and 327 losses respectively.

Which? Money has set up an online interactive map, which allows people to search their area to see how many bank branches have closed.