Yahoo Finance Lloyds and Halifax to shut even more bank branches
Lloyds and Halifax have announced that a further 40 branches are to close over the next six months, delivering another blow to easy access to cash and in-store banking services across the country.
A total of 64 UK bank closures have been announced in less than a fortnight, with Barclays and TSB also shutting their doors on several high streets.
Critics say that new laws to protect cash access cannot come soon enough, as local banking presence continues to be slashed across the country.
Lloyds Banking Group said that 22 Lloyds sites are to close, as well as 18 Halifax branches, between April and June this year.
The corporation said that customers had been visiting their local banks much less over the past five years, and said footfall had fallen by around 60pc on average.
However, Nationwide Building Society recently revealed that cash use increased last year for the first time in over a decade, with the amount of withdrawals from ATMs up 19pc in 2022 compared to the previous year.
Once all announced closures from Lloyds Banking Group have taken place, there will be just 623 Lloyds and 489 Halifax branches remaining across the country. The corporation also includes the Bank of Scotland, which has 165 branches.
TSB announced nine store closures on Tuesday, and Barclays said on 13 January that 15 branches were to close.
All but one of the branches in the latest round of closures by Lloyds Banking Group are located in England, with one Halifax branch in Bangor, Wales, closing in April.
Some of the local Lloyds branches which are to shut their doors include those in Chingford, east London, Aintree in Liverpool and Newport, Shropshire.
The company confirmed that there would be no job losses as a result of the closures.
The Financial Services and Markets Bill, which seeks to introduce measures protecting access to cash, is currently going through the House of Lords, as campaigners say additional legal protections are needed as soon as possible.
Rocio Concha, of Which?, said: “Whether it's to pay for everyday essentials or to keep track of spending amid the rising cost of living, cash is hugely important for millions of people across the country.
“These bank branch closures are just the latest in a series of cuts to the country's network, inhibiting people's ability to access cash as well as face-to-face banking services.
“The new law to protect access to cash cannot come soon enough, but risks being undermined unless minimum levels of free access to cash are protected, so those who want to use cash don't have to spend their own money to get their hands on it.”
A Lloyds Banking Group spokesman said: “Branches play an important part in our strategy but we need to have them in the right places, where they are well-used. We’ll continue to invest in branches that are being used regularly, alongside our online, mobile app and telephone services.”
“All of the branch locations announced for closure have at least one free to use ATM within a third of a mile and a Post Office within the same distance.
“As with all proposed closures, these plans have been through LINK’s independent cash-access assessment.
“All colleagues who work at these branches will move to a role at another branch or in another part of our business, there are no job losses as a result of these changes.
“All closures have been made in line with the Access to Banking Standard and FCA guidance.”
