The TSB model will be phased out and introduced under Santander’s UK arm, with the mixture of the branches totalling 480 websites across the UK.
Mahesh Aditya, chief govt of Santander UK, said: “I see branches as an important part of our strategy and do not intend to close any additional Santander or TSB branches before 2028 at the earliest.”
While it’s excellent news for clients, Sam Richardson deputy editor of Which? Money claims that it’s too late.
He advised the Express: “In the last decade, there have been widespread bank branch closures across the UK, with Santander alone shutting two-thirds of its branches since 2015.
“While this announcement will no doubt be excellent news for some Santander and TSB clients, the reality stays that the worst of the harm has already been achieved. After the cull of the last few years, many banks have comparatively few branches left to close.
“The impact that local bank branch closures have on communities cannot be underestimated, with many customers, particularly the elderly and vulnerable, forced to travel unacceptable distances to access basic banking services.”
The news of closures has raised concerns, especially for older Brits, with campaigners warning that the elderly and the less vulnerable are losing essential financial support and financial independence due to the closures.
Banks have reassured that those impacted by any branch closures will still receive support through alternative means such as Banking Hubs and Community Bankers. However, Mr Richardson is also calling on the Government to defend branches.
He said: “It’s vital the Government meets its commitment to introduce 350 new banking hubs in the next few years, and in the longer term, consideration should be given to legally protecting access to in-person banking services.”
Source hyperlink
