Lloyds Banking Group has announced the closure of 292 bank branches across the UK, scheduled for 2025. This includes 45 branches of Bank of Scotland, 119 Halifax branches, and 128 Lloyds branches, significantly reducing in-person banking services for customers.
For a comprehensive list of the closures along with the planned shutdown dates, click here.
As alternatives to traditional banking, post offices will provide essential banking services to affected communities. In response to the upcoming election, the Labour Party has pledged to establish 350 shared banking hubs.
While many bank users are comfortable with digital banking, the availability of cash and in-person banking remains crucial for underbanked populations and the elderly. The widespread closure of bank branches could have a negative impact on local communities.
In addition, in June 2024, Lloyds Banking Group disclosed plans to close 60 more branches throughout 2024 and into the summer of 2025. According to FCA regulations, banks are required to address cash access issues in communities impacted by these closures.