TSB to close 29 branches as more people turn to online banking

HIGH street bank TSB is closing 29 branches from June this year.

The move comes as more people turn to digital banking, prompting some of the biggest banks to close branches across the country.

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The "challenger" bank, which launched in 2013 after it split from Lloyds, said that no jobs would be lost as a result of the changes, as employees will be offered new roles in other nearby branches.

TSB said it wanted to focus investment on more popular locations, as some locations are "very quiet", serving fewer than 200 people a week.

In some cases this is because there is another branch less than a mile away.

Seventeen of the 29 branches set to close are in Scotland.

The lender - which has just shy of 590 branches - said there would still be a TSB branch within two miles of 42 per cent of the population.

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In a statement, the bank said: "The way people bank is changing fast and our investment programme is about getting the balance right.

"Whilst the vast majority of bill payments and other similar tasks are now done online, half of new current accounts are still opened face-to-face and many people also prefer to deal with important transactions, such as taking out a mortgage, face-to-face.

Peter Navin at TSB said: “We’re different from some other banks. We love our branches and they are an important part of what TSB is here to do.

"People don’t go today where they went twenty years ago and we are reacting to that with changes to our network and a major investment programme.”

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TSB's announcement follows other similar statements made by banks this year, including HSBC which said it plans to close 62 branches in 2017, resulting in up to 180 redundancies.

Clydesdale and Yorkshire banks said last month that a third of their bank branch network would be closed, resulting in the loss of 400 jobs.

All four banks have an agreement with the Post Office, which means that personal banking customers are able to use their local Post Office branch to check their bank balance, make cash withdrawals and make cash and cheque deposits.

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