However, this isn’t the case for one constituency in south Wales, which is one of 30 across the country which does not have a single bank branch.
Consumer watchdog Which? took a look into the number of banks across the UK as part of a recent study, as well as researching the branches that had closed.
The research found 6,161 branches have been shut across the UK since 2015, representing over three-fifths (62%) of the banking network.
UK high street shops that no longer exist
Which? said the impact on local communities can be devastating, with some of the most vulnerable members of society, such as those living with disabilities or on lower incomes, reliant on branches and either unable or unwilling to make the switch to banking digitally.
The analysis also outlined the branch-to-people ratio for each area in the country.
Scotland was found to have the “best” access to branches, at 6.9 per 100,000 people, while Yorkshire and the Humber had the worst (4.4 branches per 100,000 people).
Wales had the third best ratio at 5.9 to 100,000 people, with 188 branches.
The areas of the UK with the best access to bank branches
The areas of the UK with the best access to banks (along with total number of branches and total per 100,000 people), according to Which?, are:
- Scotland (377 branches, 6.9 per 100,000 people)
- West Midlands (364, 6)
- Wales (188, 5.9)
- Northern Ireland (110, 5.8)
- South West (324, 5.6)
- South East (520, 5.5)
- London (481, 5.4)
- North East (142, 5.2)
- East of England (328, 5.1)
- North West (384, 5.1)
- East Midlands (229, 4.6)
- Yorkshire and the Humber (248, 4.4)
The 30 constituencies in the UK without a bank
The research from Which? also revealed there were 30 constituencies in the UK, representing more than three million people, without a single bank branch.
This included Rhondda and Ogmore in south Wales.
A further 56 constituencies only have the one branch remaining.
The full list of constituencies without a bank branch are:
- Barnsley South
- Bolton West
- Bradford South
- Central Suffolk and North Ipswich
- Chatham and Aylesford
- Chester South and Eddisbury
- Colne Valley
- Dagenham and Rainham
- Doncaster East and the Isle of Axholme
- East Worthing and Shoreham
- Erith and Thamesmead
- Glasgow North East
- Glasgow South West
- Liverpool Wavertree
- Manchester Rusholme
- Mid Bedfordshire
- Mid Derbyshire
- North East Derbyshire
- Ossett and Denby Dale
- Penistone and Stocksbridge
- Plymouth Moor View
- Rawmarsh and Conisbrough
- Reading West and Mid Berkshire
- Rhondda and Ogmore
- Sheffield Hallam
- St Helens North
- Stockton West
- Warrington North
- West Ham and Beckton
- York Outer
New rules forcing banks to give more consideration before closing branches
New rules overseen by the Financial Conduct Authority (FCA) regulator came into effect last week which will mean banks will need to give more consideration to a local community’s cash needs before deciding to close a branch.
The watchdog will require firms to check whether additional services would be needed should a branch shut its doors or an ATM be switched off – and keep facilities open until the additional cash services are available.
New FCA rules also give local residents more say over what their community’s cash needs are. People can request an assessment of whether there are gaps in local cash access and where significant gaps are found, providers will have to deliver reasonable additional cash services.
Banks are also sharing facilities through banking hubs.
Major banks have recently committed to opening 350 hubs by 2029.
Deputy editor of Which? Money, Sam Richardson, said: “Bank branch closures can have severe impacts on local communities, including on those who still want to use cash.
“New rules to protect free access to cash have been hard won and should make banks think twice about shutting branches without adequate replacements.
“While Yorkshire and the Humber may hold the dubious record for the worst branch access, this is a nationwide problem.
“Banking hubs will play a key role in replacing shuttered branches, but their rollout remains far too slow for consumers to feel their benefits.
“The Government must hold banks’ feet to the fire to ensure the commitments they’ve made to set up 350 hubs by 2029 are met – and should be prepared to review the target upwards if necessary.”
While a UK Finance spokesperson added: “The banking industry is committed to ensuring there is continued access to cash for those who need it.
“With fewer people visiting bank branches on a regular basis, firms have to make difficult decisions about maintaining their branches.
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“Significant ongoing investment is being made to deliver this commitment, including shared banking hubs, which are being opened around the country with many opened across Yorkshire already.
“There is also the option to do a lot of day-to-day banking at Post Office branches across the country.
“If you are concerned about your local bank branch closing, please contact them and they will help you find the best alternative for your needs.”