Stowmarket bank of Santander to close as part of slashing of branch network

The Spanish-owned bank Santander is slashing its branch network by almost a fifth, putting 1,270 jobs at risk, including the one in Stowmarket.

The bank blamed the closures on “changes in how customers are choosing to carry out their banking”.

It said branch transactions have fallen 23% in the last three years, while digital transactions have soared 99%.

The bank said its remaining network of 614 branches will be made up of larger branches offering improved community facilities and smaller branches using the latest technology to offer more convenience.

Santander, on Market Place, in Stowmarket, will close on July 25 and will come as a big blow to the town which lost its branch of Natwest in September 2017 and its Co-op bank before that.

About 60 bank branches are closing every month according to the consumer group Which? It found that 2,868 branches will have closed between 2015 and the end of 2018, and called the trend “alarming.”

The exodus of the banks mean that some Suffolk towns are now being left with no bank at all – including Aldeburgh, which is losing its last bank, a branch of Barclays, in March.

Locals accuse the banks of abandoning them, but the banks say their branches are being under used as more and more people bank online.

Leave a Reply

Your email address will not be published. Required fields are marked *