Virgin Money has announced that it will close 31 stores across England and Scotland over the next year.
The closings are expected to be completed by early 2022 and only 131 Virgin Money branches will remain.
Virgin Money is the newest bank to severely limit their network. TSB, HSBC, Santander and Lloyds Bank will have closed a total of 237 branches this year.
Here which one? Reveals the full list of affected branches, why Virgin Money is closing another portion of its network, and how you can join our campaign to protect everyone’s access to banking.
Which Virgin Money branches are closing?
The locations of the 31 Virgin Money branches that are slated to close are shown in the table below. You can use the search bar to see if your local branch is affected.
Source: Virgin Money
It hasn’t been confirmed exactly when each branch will close, but Virgin Money says they will close their doors for the last time in early 2022.
Why is Virgin Money closing these bank branches?
Virgin Money said the decision to close some of its bank branches was due to customers switching to online banking during the coronavirus pandemic.
The number of customers who use their bank branches has been falling for several years.
The decision as to which branches to close was also based on the location, usage, proximity to alternative branches and the rental agreement.
The provider said 28 of the branches to be closed are less than a third of a mile from the nearest post office, two are within a mile of a post office or an alternative Virgin Money branch, and one branch was for employees only.
What to do when your local bank branch closes
If your local Virgin Money branch closes, you have several options:
- Use the post office: The 11,500 post offices in the UK provide access to cash and some other banking services. Virgin Money says most customers will find a post office less than a third of a mile from the bank branches that are slated to close.
- Try another branch: If you can travel further afield, there may be another Virgin Money bank branch very close to where you live.
- Online and telephone banking: Virgin Money checking accounts all offer phone, app and internet banking that allow you to manage your account without going to a branch.
- Switch to a new provider: If you don’t want to do other banking with Virgin Money, you can switch to an alternative provider that has a local branch. Several providers are currently offering switching bonuses of up to £ 150 for new customers.
How many other bank branches are closing?
Virgin Money is by no means the first to announce the closure of part of its branch network.
Banking and building societies have been disappearing from highways at an alarming rate in recent years, and the problem is affecting the whole of the UK.
This year alone, HSBC announced the closure of 82 branches and reduced its network from 593 to 511 between January and September 2021.
In March, Santander announced that 111 of its bank branches would disappear by the end of August.
Lloyds Bank and Halifax announced the closure of 44 branches in June, which should be completed by the end of the year.
Which? Research has shown that from the first national lockdown in March last year to the end of restrictions in July, 801 bank branches have been closed, and another 103 are expected to close by the end of the year.
Are you all ready for digital banking?
While the use of online banking is on the rise, it is not for everyone.
Many people are still dependent on bank branches for many reasons – be it because they need cash on a daily basis or simply do not want to do online banking.
The UK’s cash infrastructure has been under increasing strain – particularly during the coronavirus crisis when some companies began to reject cash entirely, a practice that is still practiced despite the loosening of lockdown rules.
This, coupled with the swift closure of ATMs and bank branches, has left millions of people who still depend on cash unable to pay.
Which one? Cash Summit earlier this year, UK Finance and Natalie Ceeney, author of the independent Access to Cash Review, confirmed that they would form an “Access to Cash Action Group” with eight major banks and banking groups.
The UK government is also moving closer to the cash legislation promised in the March 2020 budget. Despite significant delays in adoption, Treasury Secretary John Glen revealed the government’s plans to launch a legislative consultation at our summit.
Gareth Shaw, which one? Head of Money said: “It is important that consumers who are not yet ready or able to do digital banking are protected from the domino effect of branch closings across the UK, especially if they are at risk.
This announcement from Virgin Money also highlights the risk that the government will delay its much-needed laws to protect cash and the industry’s failure to find solutions to the rapid decline in access to cash.
“This should serve as a wake-up call for the government. Laws to protect access to cash need to be put in place as soon as possible, which gives the FCA the power to hold the industry accountable for providing local cash services. “
“Payment freedom. Our way’
We remain committed to the government intervening and protecting the UK’s banking and cash infrastructure.
You can use the “Payment Freedom. Our “Our Way” campaign by signing our petition.
