TSB announces plan to close 70 bank branches next year

TSB plans to close 70 bank branches across the UK next year as customers switch to online banking.

The business said that it would have 220 branches left at the end of June 2022, compared to 290 today.

It will still have the country’s seventh largest branch network.

TSB said that it will mean 150 fewer roles but that all staff who work at the closing branches will be offered alternative roles at the bank.

It is two years since TSB set out a plan to scale back its branch network but the shift to digital banking has accelerated during the pandemic as customers have been stuck at home.

Nine in 10 transactions are now done online, and 90% of mortgage appointments are video calls, TSB said.

There is “no prospect of branch transactions returning to pre-Covid levels”, the bank said.

There is a Post Office or a free-to-use cash point within a mile of every branch that is set to close.

TSB chief customer officer Robin Bulloch said: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.

“These changes allow us to maintain an extensive branch presence across the country. They are accompanied by a significant investment programme to upgrade branches to better suit customer needs. And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”

The bank said that 90% of its customers will still be within 20 minutes of a branch.

It plans to add another 10 pop-up bank branches to its offering, adding to the 41 that have already been established in communities across the UK. Bank staff working at such facilities can help customers get into online banking.

TSB also promised extra support for vulnerable customers who will be hit by the closures.