Santander is the newest financial institution to announce a mass spherical of department closures, with 44 extra places to shutter in 2026.
Labour slammed for ‘sitting on its palms’ as UK loses 44 extra Santander branches (Picture: Getty)
Labour has been slammed for “sitting on its palms” following one other spherical of plans for mass financial institution department closures. Spanish banking big Santander introduced that 44 extra UK places will shutter for good this yr, placing 291 jobs in danger.
It comes lower than a yr after the enterprise introduced the closure of 95 branches final March, as a part of a spherical of cuts that affected 750 staff. As many as 432 financial institution branches closed in 2025 between NatWest, Halifax, Lloyds, Financial institution of Scotland, TSB and Barclays, a Which? evaluation confirmed. Charities have referred to as on the Authorities to behave as extra pensioners and different digitally excluded teams face boundaries to finishing up on a regular basis banking. “The Authorities is sitting on its palms as our excessive streets are denuded of financial institution branches. That is simply the newest in an extended line of department closures supposed to drive the entire inhabitants onto digital banking and hasten the demise of money.”Dennis Reed, director of charity Silver Voices, stated.
Charities have referred to as on the Authorities to behave. (Picture: Getty)
He added: “Pensioners and different digitally excluded teams are being pressured to journey lengthy distances to conduct on a regular basis banking, similar to paying payments and utilizing cheques.
Banks have been justifying department closures as a result of lowered footfall, as extra prospects go for on-line banking. Santander stated 96% of all transactions at the moment are accomplished by means of digital channels.
‘Banking hubs’, which permit prospects from any financial institution to conduct on a regular basis banking actions, are arrange in areas and not using a financial institution presence.
There are at present 210 Banking Hubs throughout the UK, ATM community Hyperlink stated. Labour has pledged to roll out 350 Hubs by the top of Parliament. Whereas the websites have been largely welcomed, it’s argued that the assist isn’t wide-reaching.
Mr Reed stated: “A lot lauded ‘banking hubs’ are few and much between. The Authorities should get a grip on this disaster, which can be destroying our excessive streets.”
Even amongst older people who find themselves digitally assured, campaigners warn that “poverty can nonetheless be a barrier”.
Analysis by Impartial Age discovered that 46% of older adults dwelling on a low earnings have struggled to maintain up with their broadband prices.
Morgan Vine, director of coverage and influencing at Impartial Age, stated: “We hear from older individuals on a low earnings who’re frightened about dropping entry to their native financial institution department. Many depend on talking to somebody in individual and are unable to do their banking digitally.
“Cellphone and information payments, in addition to smartphone handsets, may be too costly for individuals dwelling on low incomes, and a few could also be nervous of scams.”
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Caroline Abrahams CBE, charity director at Age UK, stated: “We all know that older individuals worth face-to-face banking because it’s a trusted supply which additionally entails dialog and human interplay.
“The power to handle your individual monetary affairs in a fashion that fits your wants is vital for everybody, and with out this, many would discover that they wrestle to remain on high of their funds, steadiness their budgets and buy important items and providers.
“Age UK is asking for the safety of bodily banking providers for many who don’t, or can’t financial institution on-line, and for the accelerated roll-out of shared Banking Hubs in areas the place financial institution branches are quick withering away.”
She added: “The disappearance of face-to-face banking dangers slicing a major minority of the older inhabitants out of a vital service, making it troublesome if not unattainable for them to handle their cash and keep their independence.”
A Treasury spokesperson advised Specific.co.uk: “We recognise the important function that face-to-face banking performs for communities, which is why we’re working carefully with business to roll out 350 banking hubs by the top of this Parliament. Greater than 200 have already been opened with agreements in place to open 250, defending in-person banking providers throughout the nation.”
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A spokesperson for Santander UK, stated: “In response to a unbroken and sizeable shift in the direction of prospects utilizing digital banking, we’re making modifications to our branches to higher assist our prospects.
“We are going to proceed to put money into each our department community – comprising of full-service branches, counter-free branches, reduced-hour branches, Santander Locals, and our more and more fashionable Work Cafés – in addition to our digital banking providers, so we may be there to assist our prospects nonetheless they select to financial institution with us.”
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