Published On: Fri, Jul 5th, 2024
Business | 3,437 views

Barclays, Lloyds, Natwest and Halifax customers handed accounts boost | Personal Finance | Finance

Customers of major banks such as Lloyds, Barclays, Natwest and Halifax will be handed a change which could see better high street access for their accounts and services.

Labour has promised in its manifesto to set up ‘banking hubs’ in high streets to give better access to customers to money for customers of major banks in partnership with the Post Office.

For years there has been concern that banks have closed branches nationally. Research conducted by consumer magazine Which? Showed that more than 6,000 branches have shut down since 2019, and there are already 24 branch closures announced for 2025.

Eight TSB branches will shut, six Barclays, five Lloyds and five Halifax.

Which? said: “NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches – the most of any banking group. Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has shut down 1,146 sites.

“Barclays is the individual bank that has reduced its network the most, with 1,216 branches now closed.”

Today, Keir Starmer was announced as the new Prime Minister and one of the key pledges in his manifesto is around the introduction of banking hubs.

It says: “The Post Office is an essential service in communities across the country. Labour will look for ways to strengthen the Post Office network, in consultation with sub-postmasters, trade unions and customers, and support the development of new products, services and business models, such as banking hubs, that will help reinvigorate the high street.”

The manifesto also promises mortgage help with a ‘mortgage guarantee scheme’ to help first time buyers.

It adds: “We will introduce a permanent, comprehensive mortgage guarantee scheme, to support first-time buyers who struggle to save for a large deposit, with lower mortgage costs.”

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