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High street bank is set to close a string of branches in the coming weeks, including five in Wales, with the first two locations shutting their doors today
Natwest is preparing to shut 49 branches in the coming weeks, with two locations closing their doors today. The major bank has announced a series of closures set for this month and October.
The first branches to close will be Cwmbran in South Wales and Wisbech in Cambridgeshire, with Leicester and Rayleigh next on the list, scheduled for closure tomorrow.
Halesowen will follow suit on Wednesday, while the branches in Bristol (Fishponds) and Llangefni are due to close on Thursday. In total, 26 NatWest branches will permanently cease operations this month.
This move is part of a wider trend of banks reducing their high street presence as they shift towards online banking. NatWest has previously stated that over 80% of its current account holders utilise digital services.
Moreover, more than 97% of retail accounts are opened online. However, such closures can pose challenges for elderly or vulnerable customers who may struggle with online services, reports the Express.
Research indicates that 39% of people aged over 65 do not use online banking, putting them at a high risk of financial exclusion. Since 2015, the NatWest Group – which also encompasses Royal Bank of Scotland and Ulster Bank – has closed 1,409 branches.
Full list of locations set to close below:
- Cwmbran – September 1
- Wisbech – September 1
- Leicester (Melton Road) – September 2
- Rayleigh – September 2
- Halesowen – September 3
- Bristol (Fishponds) – September 4
- Llangefni – September 4
- Ely – September 10
- Leicester (Oadby) – September 10
- Birmingham (Edgbaston) – September 11
- Cardiff (Llanishen) – September 11
- Luton (Leagrave) – September 15
- Northampton (Weston Favell Shopping Centre) – September 15
- Birmingham (Acocks Green) – September 16
- Cardiff (Canton) – September 16
- Cirencester – September 17
- Hinckley – September 17
- Wickford – September 18
- Willerby – September 22
- Abingdon – September 24
- Newmarket (Suffolk) – September 24
- Birmingham (Smethwick) – September 25
- Yate – September 25
- Bicester – September 30
- Sudbury – September 30
- Melton Mowbray – September 29
- Ringwood – October 1
- Leamington Spa – October 1
- Birmingham (Shirley) – October 1
- Paignton – October 2
- Stevenage – October 7
- Wellingborough – October 7
- Midsomer Norton – October 8
- Stratford-upon-Avon – October 8
- Neath – October 13
- Romsey – October 13
- Redditch – October 14
- Chippenham – October 15
- Lowestoft – October 15
- Trowbridge – October 16
- Honiton – October 21
- Mold – October 21
- Dorchester – October 22
- Bridgwater – October 27
- Leighton Buzzard – October 28
- Bridport – October 29
Expected to be confirmed later:
- Garstand
- Market Drayton
- Ashby-de-la-Zouch
- Cromer
- Evesham
- Launceston
- Portishead
- Torquay
Analysis of official data shows that a total of 138 branches were shut between June and August, with Santander leading the way.
Thirteen banks shut their doors in August, with all but one being branches of Santander, following the banking giant’s announcement earlier this year that it would be closing 95 banks.
This comes on the heels of the loss of 84 banks in June and 41 in July, affecting every region of England as well as Scotland, Northern Ireland, and Wales.
Cornwall has been the most affected by the summer closures, with seven branches disappearing from its high streets.
Since a voluntary agreement was reached in February 2022, which saw major banking groups commit to assessing the impact of each closure, 1,879 bank branches have either closed or announced plans to close.
This equates to an average of roughly 50 closures announced per month, or 12 per week.
The LINK initiative, agreed upon by all major banks including Barclays, HSBC, Natwest, Lloyds, and Halifax, 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 result in communities being left without a local bank, banking hubs or free ATMs are set up to fill the void.
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