The north of Plymouth has become a banking desert with no physical branches left, it has emerged. Consumer rights organisation Which? has placed Moor View among a list of parliamentary constituencies which will be without a physical bank branch by the end of this year.
Lloyds shut its branch in Wolseley Road, St Budeaux, on January 10, meaning the entire north of the city is now without a bank. There is only a Barclays ATM cashpoint at the Asda store in Estover.
Lloyds, HSBC and Santander have physical branches in the city centre. Last year NatWest said it would shut its Old Town Street branch by July 2024.
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The north of Plymouth used to have several bank branches. NatWest shut its Crownhill branch in 2018, TSB shut there too, in about 2021. At one time there was a Lloyds bank in Southway, but it closed in about 2019. Although not in Moor View, Lloyds was among banks that closed in Stoke Village.
Overall, Which? Predicts that nearly three million people will live in a parliamentary constituency without a physical bank branch by the end of the year. Banks and building societies have closed at an alarming rate in recent years, with more than 5,800 branches shutting since 2015, the consumer group said.
Which? research indicates that 30 parliamentary constituencies, with an estimated population of 2.8million people, will have no physical bank branches by the end of this year. Sam Richardson, deputy editor of Which? Money, said: “A closed bank branch isn’t just a high street eyesore, but one less place for consumers to go to withdraw cash or access in-person banking services.
“Which? research shows that millions of people could be without a local branch by the end of 2024 as banks continue to close at an alarming rate. Alternatives like banking hubs could help plug the gaps, but they are being rolled out too slowly, so more must be done to ensure communities get these replacements for their closed bank branches as soon as possible.”
A spokesperson for UK Finance, which represents the banking and finance industry, said: “An ever increasing number of people are using telephone, mobile and internet banking and fewer people are visiting bank branches on a regular basis. This means banks are having to make difficult decisions about the number of branches they operate. A decision to close one is never taken lightly and only happens after an extensive review of its usage and consideration of other options in the local area.
“The banking industry is committed to ensuring there is continued access to cash for those who need it, when they need it. Significant ongoing investment is being made to deliver this commitment, including shared banking hubs, free ATMs and cashback without purchase. There are 31 shared banking hubs open now across the country, with a further 70 scheduled to open later this year. There is also the option to do a lot of day-to-day banking at the Post Office, which has around 11,500 branches across the UK.”
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
