Which? research reveals banks closing at a faster rate than ever

Industry News | 13/09/17

Bank branch closures are occurring at a faster rate than ever, with 703 set to shut this year, new Which? research can reveal. Some 461 branches closed in 2015, while 583 shut last year. The latest cull brings the total to 1,747 in three years. This year, RBS Group will close 240 branches, including 199 NatWest and 41 Royal Bank of Scotland sites. Lloyds Bank will close 141 branches, while HSBC – which has reduced its network by a third since 2015 – will shut 117 branches. The news comes after a British Bankers’ Association (BBA) report in July found almost 20 million people now bank on their mobile phone.