Major bank to close town branch in weeks as ‘95% of transactions are done online’

A MAJOR bank has announced it will be closing its town branch in just weeks as "95 per cent of transactions are done online."

The town centre bank will be closing its doors as customers turn to online and mobile banking services.

The TSB branch in Hamilton Road, Felixstowe, will be shutting up shop on September 10 as the bank confirmed the increasing number of customers using online services rather than in person.

The TSB website explains: "The way customers bank with us is changing.

"Over 95% of transactions are now being made using mobile, online and other ways to bank, instead of in our branches.

"And more customers than ever are using our Video and Telephone Banking service.

"We remain committed to face-to-face services across the country, and over 90% of our customers are within a 20 minute drive to a branch, or location of a Money Confidence Expert.

"But we want our services to reflect the current and future needs of
our customers and keep open branches that are used the most, so sometimes this means that we have to close some branches."

In May, TSB announced it would be shutting 36 of its banks across the UK.

The bank will axe 250 jobs in the fraud operations department, central operations as well as those in the branches earmarked for closure.

The latest round of closures will start in September, and continue through to May next year.

A TSB spokesman said: "The decision to close a branch is never taken lightly, but our customers are now doing most of their banking digitally, and we need to move to a better balance of digital and face-to-face services.

"We remain committed to a national branch network and through innovation and integration with video, telephone, digital, branch and other face-to-face services TSB customers have more ways to bank with us than ever before."

The following locations are set to close in September 2024:

• Alloa
• Bedworth

• Birmingham, Pype Hayes
• Bridlington
• Buxton
• Carmarthen, Blue Street
• Cwmbran, General Rees Square
• Dovercourt
• Edinburgh, Leith
• Felixstowe
• Frome
• Glasgow, Cardonald
• Glasgow, Castlemilk
• Haddington
• Hounslow
• Lerwick
• Leven
• London, Bethnal Green
• London, Clapham
• Longton
• Manchester, Middleton
• Newcastle Upon Tyne, Milvain
• Peterhead
• Sheerness
• Stornoway
• Torquay, St Marychurch
• Whitehaven

The following are set to close in May 2025:

• Amble
• Aylsham
• Banff
• Bedlington
• Bude
• Crook
• Flint
• Tenbury Wells
• Whitchurch

TSB has 175 remaining branches left across the country.

The next closest branch will be 11.9 miles away in Ipswich.

Research carried out by TSB has shown that the Felixstowe branch only has 15 regular customers (three business customers and 12 personal customers).

The bank will be reaching out to customers to provide support during this transition period before the closure in 45 days.