You are here: Home - Saving & Banking - News -

BSA criticises bank branch closures

Written by:

Around one in five bank and former building society branches have closed since 1995, compared to only one in 20 branches for the top ten mutual building societies.

The research, published by the Building Societies Association (BSA), showed ‘multicultural metropolitan areas’ were most likely to see branch closures. It said, despite many banks claiming to have put large-scale branch closure programmes on hold, there have been continuing ‘small-scale, phased closure programmes’.

Adrian Coles, director-general of the BSA, said: “Over the next few weeks we will see banks once again announcing record profits. This report is a timely reminder that the pressure to squeeze every last drop of profit has meant abandoning less lucrative customers and closing one in five of their branches.

“Building societies value their branches and their members. As mutuals, they are more likely to keep their branches open and will take into account the impact a closure would have on the local community, rather than purely the bottom line, when assessing branch performance.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Parents fail to invest CTF vouchers

Approximately 500,000 Child Trust Fund (CTF) vouchers, worth £125m, have still not been invested a year after the Government initiated...