Building society promises not to close any branches for next four years

Principality Building Society has pledged to keep all its branches open until at least the end of 2025.

The mutual was formed in 1860 and has 53 branches and 14 agencies in Wales and border areas.

Research by the society among its members found more than 70% said a branch presence was a key factor when deciding which financial provider to choose.

Julie-Ann Haines, CEO at Principality Building Society, said: “People use branch visits as an opportunity to enjoy some social interaction and our colleagues see members as individuals, not just customers.

“Today we are making a promise to maintain our branch presence in all of the towns and cities we currently operate in Wales and England until 2025 at least, giving our members, colleagues and communities confidence.

“Feedback from members continues to reinforce that having access to cash and services is vitally important to them, and we see our presence on high streets as a key part of what we offer as a member-owned building society.”

She added: “We will continue to keep our branches open so long as members continue to value and use them so we can be there for our future generations.”

Research by consumer group Which? has found 736 bank branches shut in 2021, and more than 220 are scheduled to close in 2022.

Jenny Ross, Which? Money editor, said: “Swathes of branch closures in recent times have dramatically reduced people’s ability to withdraw cash and left entire communities without someone to speak to face-to-face about financial matters, so it is encouraging to see a building society commit to protecting these essential services.

“While the renewed agreement between the Post Office and 30 banks and building societies will help provide basic banking services for those who rely on cash, we believe only long-promised legislation can secure the future of cash.”