Barclays financial institution has revealed 14 new department closures, on prime of the 13 it confirmed in March, and 27 in Could – all of that are set to close this yr.
For the reason that begin of 2022, the financial institution has already closed 63 of its branches. Mixed with the 54 now scheduled for closure, by the tip of the yr it’ll have closed 117 websites.
Barclays informed us extra of its prospects had been doing their banking by way of digital channels, and fewer than 10% of its transactions had been accomplished in particular person.
Right here, Which? takes a better have a look at which branches are closing, and what measures are in place to guard money entry.
Which Barclays branches are closing?
Listed here are the areas of the 54 Barclays branches that shall be closing within the the rest of the yr. You should utilize the search bar to see in case your native department is affected.
Why are these branches closing?
Barclays mentioned it will proceed to overview and alter its department community to make sure it mirrored the way in which its prospects do their banking.
It mentioned it had 10m digital prospects, and 70% of its exercise will be accomplished digitally.
A spokesman added: ‘We are going to all the time give 12 weeks’ discover of any department closures, explaining the rationale for the choice, in addition to highlighting different branches and methods to financial institution.
‘This consists of working with the area people to search out totally different, extra versatile methods for our colleagues to proceed to supply native banking help, equivalent to by pop-up presences.’
Barclays confirmed to Which? it has 50 pop-up websites in native areas, equivalent to neighborhood centres, libraries and enterprise hubs. It says it’ll have a look at options in future that shall be a part of a ‘versatile sustainable mannequin’, equivalent to sensible ATMS, which might do extra than simply dispense money.
- Discover out extra:greatest and worst banks
Greater than 500 financial institution branches will shut throughout 2022
Barclays just isn’t the one financial institution that’s closing websites. Thus far this yr 233 financial institution branches have closed, and an additional 288 are scheduled to close by the tip of December.
Which? has been monitoring these closures since 2015, and through this era half of the UK’s financial institution department community has closed.
To see how these are break up between the UK banks, the record beneath units out what number of branches every financial institution has already closed in 2022, what number of extra it plans to shut by the tip of the yr.
- Barclays: 63 closed; 54 scheduled to shut
- Danske Financial institution: 4 branches scheduled to shut
- HSBC: One closed; 69 scheduled to shut
- Lloyds group (consists of Lloyds Financial institution, Halifax and Financial institution of Scotland): 47 closed; 88 scheduled to shut
- NatWest (together with Royal Financial institution of Scotland websites): 36 closed; 36 scheduled to shut
- Nationwide: 4 closed and 6 scheduled to shut
- Metro Financial institution: Three scheduled to shut
- Santander: One department scheduled to shut
- TSB: 52 closed; 18 scheduled to shut
- Ulster Financial institution (owned by the NatWest group): 9 scheduled to shut
- Virgin Cash: 30 closed.
Discover out extra: is your native financial institution department closing?
Why money nonetheless issues
Money is the second most frequently-used methodology of cost within the UK. Utilized by 5.4 million adults, it additionally supplies a lifeline for susceptible teams.
Current analysis by Which? discovered money is usually a helpful budgeting device for households throughout the price of dwelling disaster, and other people in distant areas might not have dependable broadband or cellular connectivity for digital funds.
It is also an important lifeline for the aged, who usually tend to go to financial institution branches in particular person.
What’s being accomplished to guard entry to money?
Listed here are a number of the money options which were introduced or put in place since our marketing campaign started.
Laws introduced in Queen’s Speech
Earlier this month through the Queen’s Speech, the federal government pledged to deliver ahead a Monetary Providers and Markets Invoice.
A part of this laws consists of ensuring folks throughout the UK can entry their very own money with ease.
The Monetary Conduct Authority (FCA) shall be given new powers over the UK’s greatest banks and constructing societies to assist defend the way forward for money. These powers will enable the FCA to handle money entry points at each a nationwide and native stage.
Nonetheless, separate guidelines will apply in Northern Eire, because the banking market works in a different way.
The FCA may even be given oversight of coordinating our bodies, with powers to entry data from designated companies and organisations concerned within the provision of money.
- Discover out extra:entry to money laws introduced in Queen’s Speech
Critiques by LINK to fee new money providers
The Money Motion Group (CAG) is a bunch which incorporates eight main banks, in addition to the likes of Age UK and the Publish Workplace.
In December, the CAG introduced that any neighborhood going through the closure of a core money service, equivalent to a financial institution department or ATM, will set off an unbiased overview by LINK – the UK’s essential ATM operator.
LINK will decide whether or not a brand new resolution must be supplied and could have the facility to fee providers, equivalent to a shared banking hub or higher Publish Workplace providers to satisfy the money wants of the neighborhood as an entire – not simply the purchasers of 1 financial institution or constructing society.
Out of the entire Barclays closures introduced, no further providers have been really helpful by LINK.
It’s unclear what is going to occur to CAG as soon as authorities laws comes into power. Nonetheless, the federal government did say in gentle of the numerous function that coordination our bodies – equivalent to LINK – play in the way forward for money provision, it intends to designate such our bodies for oversight by the FCA.
- Discover out extra: entry to money options – are they sufficient?
Publish Workplace providers
Since January 2020, prospects of sure banks have been in a position to make use of Publish Workplace branches to withdraw and deposit money of their accounts and make steadiness queries. Most banks may even permit you to deposit cheques.
This service, described as a ‘lifeline’ by the Publish Workplace, signifies that folks can nonetheless entry important providers, even when their native financial institution department has shut.
The service will run till December 2025, after a brand new settlement was signed with 30 banks in February.
- Discover out extra: Publish Workplace will supply banking providers for 30 banks
Cashback with out buy
This initiative permits folks to request cashback on the until of their native comfort retailer, with no need to make a purchase order or pay a payment. It grew to become attainable final summer time after a change in laws.
A business scheme, operated by LINK, was rolled out on the finish of 2021 and is offered in 2,000 shops.
Yow will discover out the place this service is on supply through the use of LINK’s money locator on its web site or cellular app. Simply sort in your location, and seek for the orange symbols which state ‘CT’.
- Discover out extra: cashback with out buy expands
‘Money is an important lifeline’
Rocio Concha, Which? Director of Coverage and Advocacy, mentioned: ‘Barclays is true to say that customers’ banking habits have gotten extra digital. Nonetheless, there stays a big minority, for whom money is an important lifeline to pay for on a regular basis necessities and preserve monitor of their spending, that are not but prepared or prepared to make that swap.
‘Whereas proposals put ahead by the banking business to guard entry to money, equivalent to enhanced Publish Places of work, had been welcome, authorities laws to underpin them was very important.
‘Now that laws has been introduced, the federal government should hand the Monetary Conduct Authority the powers to make sure that when native communities lose a financial institution department, their money wants are nonetheless met.’
This text was first revealed on 30 Could 2022 and has been up to date since then. It was final up to date on 9 June 2022 to replicate the extra 14 financial institution branches set to shut this yr.