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Since the launch of an initiative aimed at preserving access to cash on the high street, approximately 10 banks have been closing every week on average in the UK.
Since February 2022, when a voluntary agreement saw major banking groups commit to assessing the impact of every closure, 45 bank branches have either closed or announced their closure in towns and cities across Northern Ireland.
The LINK initiative, which was agreed upon by all major banks, was established to ensure that vulnerable customers and small businesses were not left behind in the transition to cashless payments and virtual banking. When closures leave communities without any local bank, banking hubs or free ATMs are set up to fill the gap.
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The wave of bank closures has swept across the UK, with a staggering 1,257 set to disappear or already gone in England alone. Scotland has lost another 145, Wales 93, and one in the Isle of Wight.
The British Independent Retailers Association (BIRA) has voiced its concern over the mass closures, stating they “disproportionately impact small businesses and vulnerable consumers who depend on access to cash and in-person banking.”
Andrew Goodacre, BIRA’s CEO, expressed his disappointment: “We are saddened by this wave of closures. Banks play a crucial role in supporting local businesses and maintaining the vibrancy of our high streets.
“Their presence is essential for both retailers and consumers who rely on cash transactions and face-to-face banking services.”
BIRA is now actively campaigning to either preserve existing bank branches or – at the very least – establish banking hubs in every town and city.
Mr Goodacre added: “We call on the new government and banking sector to take immediate action to ensure the long-term viability of cash access and in-person banking services across the UK.”
Banking hubs, owned by Cash Access UK and operated by the Post Office, provide face-to-face cash and banking services from Monday to Friday, 9am to 5pm.
Customers also have the opportunity to speak with a community banker from their own bank on specific days.
Use our map below to see which bank branches have closed near you.
LINK has put forward 147 banking hubs for areas without a bank branch across the UK, with 70 now operational.
In Northern Ireland, there is currently one banking hub in operation in Killkeel with further hubs set to open in Comber, Newcastle, Portrush and Warrenpoint.
Nick Quin of LINK remarked: “As people choose new ways to pay, LINK’s job is to protect access to cash for anyone who needs it. We’re proud of the work we’ve done recommending almost 150 new banking hubs so far and protecting the UK’s free to use cash machine network.
“Our work is now regulated by the FCA, which means we can continue to protect access to cash for every high street for as long as it is needed.”
Gareth Oakley from Cash Access UK commented: “Banking hubs continue to open up across the country with the latest opening in Heywood earlier this month. We hope to have 100 open by the end of this year allowing more communities to access cash and basic banking services on the high street.”
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