TSB will close 70 branches in 2022 – including nine in Scotland – as it responds to declining branch use and increasing numbers of customers switching to digital banking services.
The average number of transactions per branch has continued to fall since January 2019 and the bank sees no prospect of branch transactions returning to pre-Covid levels.
TSB stated that the pandemic has accelerated the shift away from branch services, with customers doing more online. More than 90% of customer transactions are now carried out digitally and video banking accounts for around 90% of mortgage appointments.
The branches that will close carry out around a third fewer transactions than the TSB national average. There is also a Post Office or free to use ATM within a mile of each closing branch.
TSB stated that it remains committed to a UK-wide branch network, and following the changes, will still have 220 branches – the seventh largest network in the UK.
Once complete, it claims more than 90% of TSB customers will still be able to travel to a branch in 20 minutes or less.
By the end of the year, TSB stated that it will have also upgraded around 140 branches, including introducing new technology and creating a more flexible layout.
The bank has already opened ‘pop-up’ services in 41 communities across the country where it takes longer to get to the nearest branch. A further 10 are planned following this announcement – including Fort William, Stranraer and Thurso.
At pop-ups, TSB advisors can provide face-to-face support, including making payments, providing product information and helping customers get started with digital banking.
All staff impacted by these changes will have the opportunity to move to an alternative role in TSB.
Affected customers will be contacted personally in advance of a branch closure to make them aware of the changes.
The branches set to close in Scotland next year are:
- Coldside, Dundee – 13 April 2022
- Ellon – 19 April 2022
- Forfar – 14 April 2022
- Forres – 27 April 2022
- Fort William – 20 April 2022
- Kirkintilloch – 28 April 2022
- Lanark – 27 April 2022
- Stranraer – 28 April 2022
- Thurso – 21 April 2022
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