Money Saving Expert issues advice amid Lloyds and Halifax branches closures

As part of broad trend which has seen big banks ditch the high street and switch to increased online banking, 48 Lloyds Bank branches and 18 Halifax branches will shut.

The additional closures come just two months after the lending giant said it plans to shut 28 branches between August and November this year.

Lloyds Banking Group confirmed it will close a further 66 bank branches. Picture: PA

Lloyds said all staff will have the opportunity to move to a different branch or another part of the business and there will be no compulsory or voluntary redundancies.

Visits to the branches due to shut have fallen by 60% in the last five years on average and by 85% in some locations, Lloyds said.

But bosses maintain that well-used branches will continue to be invested in.

Russell Galley, director of consumer relationships at Lloyds Banking Group said: “Our customers have more choice than ever in how they bank with us.

“As our customers do more online, visits to some branches have fallen by as much as 85% over the last five years.

“Alongside our digital, online and telephone services, we’ll continue to invest in our branches, but they need to be in the right places, where they’re well-used.”

The bank came under fire from trade union Unite in May which said closures are abandoning communities who need access to banking, and putting jobs at risk.

Unite said over 5,000 bank and building society branches have closed since 2015.

But Lloyds said it now has 19.1 million online banking customers and 15.6 million mobile app users as consumers increasingly turn to digital services.

It also confirmed that all of the branch locations announced for closure have at least one free to use ATM within half a mile and a Post Office within 1.1 miles.

Once all the announced closures are complete, there will be 646 Lloyds Bank, 510 Halifax and 165 Bank of Scotland branches remaining.

Martin Lewis MSE advice amid Lloyds and Halifax closures

Money Saving Expert website offers advice to banking customers facing branch closures. Picture: PA

Following the announcement, Martin Lewis’ Money Saving Expert (MSE) website has issued advice to customers affected by the closures.

For those who would like to continue to bank face-to-face, they suggest checking if your branch has a ‘mobile branch’ or ‘banking hub’ in your area.

Alternatively, certain Lloyds and Halifax services are available through the Post Office if you have one locally.

If these services aren’t available to you, MSE suggest considering switching your account to another bank while warning t here is no guarantee that branch won’t close either.

For more information on what to do if you bank’s branch does close, visit the MSE website.