High street banks close because of online banking

The research reveals that 1,046 bank branches were shut between January 2015 and January 2017, with HSBC, RBS and Lloyds Banking Group closing the most.

High street banks have closed more than 1,000 branches across the UK in the past two years as customers go online according to research by Which?

The research reveals that 1,046 bank branches were shut between January 2015 and January 2017, with HSBC (321 branches), RBS (191) and Lloyds Banking Group (180) closing the most.

Peter Vicary-Smith, chief executive at Which?, said: “Banks can and must do a better job of working with their customers to understand their needs and those of the local community, especially when they are making changes to the services they offer or closing branches.”

Most banks cite the growth of online banking as the reason for closing branches, with HSBC revealing average visits to branch were down by almost half in the past five years.

In England most branches closed in the South West, while there were a significant number of closures relative to the population in Wales and Scotland.