HSBC has committed to keeping all of its branches open until at least 2026 due to political and regulatory pressure to ensure continued access to cash in UK high streets.
The bank has closed 743 branches since 2015 and plans to invest £50 million to refurbish its remaining network of 327 branches. This initiative coincides with new access to cash rules set to take effect this month by the Financial Conduct Authority, requiring banks and building societies to assess whether local communities are lacking essential cash services, such as branches and ATMs, and to address any significant gaps.
Since January 2015, 6,058 branches have been closed across banks and building societies, equating to about 61% of the total branches that were operational at the beginning of that year. Currently, 410 closures are scheduled for 2024, with an additional 61 planned for 2025.
In addition to its branch commitment, HSBC recently opened the first of ten standalone “Cash Pods,” aimed at restoring cash access to communities affected by the decline of traditional bank outlets and ATMs. These Cash Pods function similarly to ATMs, allowing all residents and businesses to withdraw cash. HSBC UK customers can also deposit cash, check account balances, print mini-statements, activate cards, reset PINs, and make payments linked to their credit cards.