God. Remember when you could find a bank on every high street corner? Those days feel like ancient history now.
In what feels like a rare bit of good news for those of us who prefer talking to actual humans about our money troubles, Barclays has promised not to shut any more branches for the next couple of years. After closing a staggering 1,236 locations since 2015 (more than any other UK bank), they're finally giving us all a breather.
The promise that shocked everyone
At Wednesday's annual general meeting, Barclays' boss CS Venkatakrishnan (or "Venkat" as everyone calls him because life's too short for those syllables) made the unexpected pledge that sent ripples through the banking world.
"We don't have any plans to announce further bank branch closures in 2025 or 2026," he stated when put on teh spot about the bank's future intentions.
I nearly spat out my coffee when I read that.
But before we all celebrate too enthusiastically, chairman Nigel Higgins was quick to add a dash of reality to the proceedings. The bank hasn't made any decisions beyond 2026. "We want to see how the current branch strategy plays out," he said, which feels like corporate-speak for "let's see if we can get away with closing more later."
What's driving this banking exodus anyway?
Like every other major bank, Barclays points to the massive shift toward online banking. My 76-year-old father still refuses to use it though, insisting on visiting his local branch every Friday morning like clockwork... except his "local" branch is now a 45-minute bus ride away after three rounds of closures.
Which? (the consumer champions who've been tracking this depressing trend) say more than 6,300 bank branches have vanished across the UK in the past decade. That's roughly 630 closures every single year. Or nearly two every day!
Barclays isn't alone in this promise to ease up. HSBC announced last August they'd keep their remaining 327 branches open until at least 2026, even throwing £50 million at improving them. Nationwide went even further, extending their "we won't abandon the high street" pledge until 2028.
The banking bloodbath continues elsewhere
While Barclays, HSBC and Nationwide hit pause, other banks are still swinging the closure axe with alarming enthusiasm.
Looking ahead from next month, Santander has 95 branches on death row – that's significantly more than Halifax (60), Lloyds (59), NatWest (41) and Bank of Scotland (25).
Back in 2018, I interviewed a small business owner in Cornwall who told me his nearest bank would soon be 27 miles away. "How am I supposed to deposit cash takings every night?" he asked. I had no good answer then, and four years later, the situation's only gotten worse.
Stranded? Here's your lifeline
If your local branch has been sacrificed on the altar of cost-cutting, you're not completely out of options.
The Post Office network (all 11,684 branches) can handle basic banking tasks – withdrawals, deposits, balance checks. Just don't expect to negotiate a mortgage or open a new account there.
Some banks have also launched those weird mobile banking buses that roll into village car parks on alternate Tuesdays (or whatever random schedule they decide). My sister used one last summer and said it felt like "queuing for ice cream, except instead of a 99 Flake, you get to deposit your birthday cheques."
There's also a growing network of "super ATMs" popping up that do more than just spit out cash. They'll let you deposit money, change PINs, and check balances without needing a human teller.
Banking hubs are another solution being rolled out – about 250 by the end of next year. These combine Post Office counter services with private areas where you can meet with your actual bank's staff on certain days.
Is this the beginning of the end for branch closures?
Doubtful.
The harsh reality is that banks save millions by shuttering physical locations. My guess? This is just a temporary pause to let the public outrage cool down before the next wave begins.
For now though, Barclays customers can breathe a little easier... at least until 2027 rolls around. And in today's banking landscape, that almost counts as a win.
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Investing in the stock market involves several risks, including market volatility, economic downturns, and company-specific factors that can lead to losses. Investors may also face liquidity risk, where they cannot sell an investment quickly without incurring a loss. Diversification and thorough research can help mitigate these risks.
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Statistics
- A report by Bankrate indicated that only 29% of Americans have a written financial plan.
- According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
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How To Save for Retirement Effectively
Saving for retirement begins with setting clear goals regarding when you want to retire and how much money you will need. Start by contributing to employer-sponsored retirement plans like a 401(k), especially if your employer offers matching contributions. If self-employed or your employer does not provide a plan, consider opening an Individual Retirement Account (IRA). Aim to save at least 15% of your income annually, including employer contributions. Regularly review and adjust your contributions as your income changes. Diversify your investments within your retirement accounts to reduce risk and maximize potential returns over time.
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