Lloyds Bank is set to close 27 branches in May in response to customers making fewer in-person visits. The shuttered branches will join the banking giant’s larger list of at least 48 locations to close in 2025.
This move forms part of a broader trend, with thousands of branches closing in recent years. According to consumer group Which?, more than 6,300 bank and building society branches have closed since January 2015, equating to 53 closures on average every month. A statement on Lloyds Bank’s website reads: “Most customers are now using our Mobile Banking app, Internet Banking or calling us instead. This means they are using branches less.”
Hundreds of new ‘Banking Hubs’ have opened to help fill the gap left by high street bank closures, offering customers access to cash and everyday banking services, regardless of who they bank with. People can find their closest location here.
Charities are calling for stronger protection for in-person banking services, warning that the shift to digital risks leaving older and vulnerable people behind. Research by Age UK reveals that more than four million older Britons with bank accounts do not manage their finances online.
Caroline Abrahams, charity director at Age UK, said: “We applaud the banks for coming together to set up shared Hubs, but it’s important that alternative services are set up speedily, especially in those areas with the greatest need.
“Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks. The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.”
