Nearly 30 banks have closed in Somerset recently, with more closures expected soon.
Somerset: Almost 30 banks have shut down in Somerset over the last three years. One more is likely to close in 2025. You can check the closures near you.
Since 2022, over 1,600 banks have closed across the UK. More than 100 are set to shut this year alone.
In Somerset, 26 banks closed before New Year’s Day 2025. The Halifax in Burnham-on-Sea is expected to close on January 14.
Another bank, TSB on Cheap Street in Frome, is also likely to close soon, but no date is confirmed yet.
The trend of bank closures is speeding up. By the end of January, 35 banks will have closed or are set to close. So far in 2025, about 120 branches have already shut or announced their closure.
Last year, over 400 banks closed, with more than 600 in 2023 and over 100 in 2022. Since February 2022, 1,649 branches have shut or announced closures, averaging 44 per month.
The LINK initiative was created to assess the impact of these closures. Major banks like Barclays and HSBC agreed to help ensure vulnerable customers aren’t left behind.
When communities lose their local banks, banking hubs or free ATMs are set up to help. The closures have affected all parts of the UK, with over 1,300 in England alone.
Age UK warns that losing face-to-face banking could hurt many elderly people. They might struggle to manage their money without local banks.
Charity director Caroline Abrahams said older people, especially in rural areas, are hit hardest. Many older adults in Britain don’t manage their money online, risking digital exclusion.
Age UK is pushing for better access to physical banking services for those who can’t bank online. They support the idea of shared banking hubs in areas losing branches.
LINK’s Adrian Roberts noted that while more people are banking online, about five million still rely on cash. Access to cash must remain available even after local branches close.
LINK is committed to maintaining cash access through banking hubs, post offices, and free ATMs. Consumers can reach out for help via their website.
Cat Farrow from Cash Access UK shared that they’re making progress in opening more banking hubs. They recently opened their 100th hub in Darwen, Lancashire, with plans for more this year.
Somerset has seen many bank closures, including HSBC and Barclays, with specific dates listed for each closure.
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