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

Santander to close 140 branches

0
Written by: Danielle Levy
23/01/2019
Santander plans to shut a fifth of its branch network – a move that could result in 800 job losses.

The high street bank said the decision to shut around a fifth of its branch network had been taken as a result of changes in how customers choose to bank with them.

In the future, it said its remaining 614-strong UK branch network will comprise of a combination of larger branches offering improved community facilities to local businesses and customers, and smaller branches which use technology to offer customers more convenience.

Santander said it had consulted trade unions on the proposals and plans to redeploy around a third of the 1,270 workers who will be affected by the changes. The consultation process will take place over the coming weeks, the bank added.

Growth of mobile banking

Susan Allen, head of retail and business banking, said the decision had been taken because a growing number of customers now use online and mobile for their banking.

For example, the bank pointed out that the number of transactions carried out via its branches had fallen by 23% over the past three years, while transactions via digital channels had increased by 99% over the same period.

“As a result, we have had to take some very difficult decisions over our less-visited branches, and those where we have other branches in close proximity.

“We will support customers of closing branches to find alternative ways to bank with us that best suit their individual needs. We are also working alongside our unions to support colleagues through these changes and to find alternative roles for those impacted wherever possible.”

As part of the proposed changes, Santander plans to invest £55m on the refurbishment of 100 branches over the next two years.

Blow for savers

Gareth Shaw, head of Which? Money described the move as a “blow” for those who rely on access to traditional banking services across the UK, at a time when branches are disappearing at a rate of more than 60 a month.

“While online banking is on the rise, a third of the country still does not use it and, as we’ve seen from a recent spate of IT failures, such systems are not infallible.
“Despite the switch to digital ways of banking and paying, millions of consumers still need access to cash. It is vital for a regulator to be given responsibility for ensuring that people have access to the services they rely on,” he explained.  

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.

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...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

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

  • RT @YourMoneyUK: A robo-adviser or a traditional platform? What's the best home for your kid's ISA? @jofaithy - https://t.co/EGrgxFYx33
  • RT @Defaqto: Over two-fifths of travel insurance policies offer no protection for airline failure, our research shows. Only around half (48…
  • Over two-fifths of travel insurance policies offer no protection for airline failure, our research shows. Only arou… https://t.co/c34mDkDpFM

Read previous post:
Link hopes to save ATMs in remote areas with ‘super premiums’

Link, the cash machine network, is hoping to keep remote ATMs running by increasing the fee it pays to cash...

Close