Lloyds, Halifax, and Bank of Scotland branches will be shut down, limiting in-person banking services for users. 45 Bank of Scotland branches, 119 Halifax, and 128 Lloyds bank branches have been closed or are closing in the UK.

For a full list of closures including planned shutdown dates, see here.

Post offices are alternatives to in-person banking where cut-off communities can receive banking support. Labour pledged to open 350 shared banking hubs in the lead up to the election.

While the majority of bank users are comfortable with digital banking services, having physical access to cash and in-person banking is essential for the underbanked communities and elderly. The mass shutdowns of bank branches may have a negative impact on local communities.

In June 2024, Lloyds Banking Group announced 60 bank branch closures to take place during 2024 until summer of 2025.

Under FCA rules, banks will need to address cash gaps in communities amid the mass shutdowns.