Santander has announced the closure of 95 branches across the UK with the first phase of closures beginning in June.
750 jobs will be at risk of redundancy as Santander’s UK branches will be reduced by almost a quarter, from 444 to 349.
Following a major review of all branches, other changes include reducing the opening hours of 36 branches and converting 18 to “counter free” spaces.
Santander’s announcement comes months after Lloyds Banking Group revealed it was shutting 136 branches to respond to customers increasingly choosing to bank using mobile services over in-person banking.
A spokeswoman for Lloyds Banking Group said: “Over 20 million customers are using our apps for on-demand access to their money and customers have more choice and flexibility than ever for their day-to-day banking.”
“Alongside our apps, customers can also use telephone banking, visit a community banker or use any Halifax, Lloyds or Bank of Scotland branch, giving access to many more branches.”
Similarly, Santander has acknowledged “a rapid movement of customers choosing to do their banking digitally,” but maintains that options to bank with Santander in person following these closures will remain.
The bank has cited a 61 per cent decrease in financial transactions at branches since 2019, as well as an 89 per cent increase in mobile banking users in the same period.
Locations affected by branch closures are going to be covered by “new Santander Community Bankers” who will visit local communities weekly using public spaces such as libraries and town halls.
While unaffected by Santander’s closures, Edinburgh will lose Bank of Scotland branches in Wester Hailes and Corstophine in May and September, respectively, as part of 14 Lloyds Banking Group branch closures in Scotland.
The Bank of Scotland in Portobello closed last November in a previous set of cuts.
Several students expressed indifference towards branch closures, informing The Student that they always handled banking matters online or by phoning their bank.
One student, however, expressed her worry for other generations, stating, “My grandparents rely a lot on cash and go to the bank weekly, so if their local branch closed, I think they would really struggle.”
First Minister John Swinney referred to the closure of the last remaining bank in Pitlochry as part of the Lloyds Banking Group closures as “deeply concerning.”
He raised concerns for the “significant cohort – particularly elderly and vulnerable residents” who rely on in-person services for daily banking needs, as the loss of physical branches will hinder access to face-to-face support and cash withdrawal.
“Bank of Scotland Halifax” by Secret Pilgrim is licensed under CC BY-SA 2.0.