HSBC is closing 114 branches from next April as customers increasingly turn to digital banking. The closures will affect everyone from small businesses to the elderly and those who live in remote areas. See below for the full list of all the HSBC branches that are closing in 2023.
However, the bank said it will instead invest millions of pounds to update and improve its remaining 327 branches.
The news follows the announcement that HSBC will boost the interest rate on its regular savings account from 1% to 5% from 1 December – you can find all the details in our best regular savings accounts article.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
HSBC is also paying new customers £200 if you switch to them – and of course, if you’re already with HSBC and not happy, then other banks are also paying a switching bonus to move to them instead.
Here’s everything you need to know about HSBC’s branch closures.
Why is HSBC closing its branches?
HSBC said the use of the bank’s branch network has declined by 65% over the past five years, with some serving fewer than 250 customers a week.
Footfall has fallen by 50% in 74% of the closing branches. The decline in physical banking was further accelerated by the pandemic.
In contrast, 97.5% of transactions were completed digitally and there was a 250% increase in the number of digital payments over the last five years.
“People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning,” said Jackie Uhi, HSBC’s UK’s managing director of UK distribution. “Banking remotely is becoming the norm for the vast majority of us.”
Uhi acknowledged branches will “continue to play an important role in day-to-day banking” and added customers can access services through the Post Office networks, the bank’s community pop ups, live chat, social media, and through the phone.
We do not yet have the details of which branches are closing, but as soon as we do we will keep you posted. Sign up to our newsletter to get the latest news.
What do the closures mean for customers?
The announcement will “come as a blow to customers who rely on them – from small business customers looking to deposit their cash takings, to elderly customers who haven’t transitioned to online banking or simply prefer a human touch when it comes to personal banking,” said Myron Jobson, senior personal finance analyst at interactive investor.
“It is also bad news for those with mobility issues and those who live in remote areas should they require face-to-face banking.”
Online banking offers many opportunities, but the closure of physical branches will also make it harder for customers to take cash out should they need it. Additionally, the bank’s digital and telephone banking offerings could use some improvement.
“It’s unacceptable for bank customers to wait up to 30 minutes to speak to someone when it’s their only choice because their local branch has vanished,” said Tobias Gruber, founder and CEO of mycommunityfinance.co.uk. “There are no excuses to keep customers on hold, considering the vast amount of money banks generally save from closing their high street branches.
“Post Offices are one alternative for basic transactions like paying in cheques and cash, but this move by HSBC will undoubtedly leave even more rural customers that don’t wish or are unable to use the internet to do their banking frustrated, stuck and unable to access their money.”
Which HSBC branches are closing?
Here’s a full list of all the HSBC branches expected to close and when
- Blandford Forum 18 April 2023
- Bristol Downend 25 April 2023
- Bexhill on Sea 18 April 2023
- Leominster 25 April 2023
- Abergavenny 18 April 2023
- Market Bosworth 25 April 2023
- Cromer 18 April 2023
- Alton 25 April 2023
- St Ives 18 April 2023
- Shaftesbury 25 April 2023
- St Austell 18 April 2023
- Wilmslow 02 May 2023
- Stamford 16 May 2023
- Whitley Bay 02 May 2023
- Whitby 16 May 2023
- Coleraine 02 May 2023
- Bridport 23 May 2023
- Bideford 02 May 2023
- Hove 23 May 2023
- Gainsborough 02 May 2023
- Fakenham 23 May 2023
- Launceston 02 May 2023
- Sudbury 23 May 2023
- Arnold 09 May 2023
- Liskeard 23 May 2023
- Didcot 09 May 2023
- Bristol Filton 30 May 2023
- Brecon 09 May 2023
- Dundee 30 May 2023
- Minehead 09 May 2023
- Waltham Cross 30 May 2023
- Dover 09 May 2023
- Hinckley Road 30 May 2023
- Halesowen 16 May 2023
- Market Harborough 30 May 2023
- Stroud 16 May 2023
- Stourport on Severn 30 May 2023
- Brighouse 16 May 2023
- Stirling 06 June 2023
- Twickenham 20 June 2023
- Pocklington 06 June 2023
- Ross on Wye 20 June 2023
- Chepstow 06 June 2023
- Hertford 20 June 2023
- Knutsford 06 June 2023
- Wells 20 June 2023
- Frome 06 June 2023
- Bicester 20 June 2023
- Portadown 06 June 2023
- Oakham 20 June 2023
- Penarth 13 June 2023
- New Milton 27 June 2023
- Ilkley 13 June 2023
- Lewes 27 June 2023
- South Shields 13 June 2023
- Pontypool 27 June 2023
- Skipton 13 June 2023
- Beccles 27 June 2023
- Honiton 13 June 2023
- St Neots 27 June 2023
- Sleaford 13 June 2023
- Wadebridge 27 June 2023
- Portishead 04 July 2023
- Horsforth 18 July 2023
- Droitwich 04 July 2023
- Gosforth 18 July 2023
- Leatherhead 04 July 2023
- Harpenden 18 July 2023
- Palmers Green 04 July 2023
- Bognor Regis 18 July 2023
- Coalville 04 July 2023
- Marlow 18 July 2023
- Park Gate Southampton 11 July 2023
- Christchurch 25 July 2023
- Wetherby 11 July 2023
- Seaford 25 July 2023
- Port Talbot 11 July 2023
- Blackwood 25 July 2023
- Kingswinford 11 July 2023
- Norwich Mile Cross 25 July 2023
- Long Eaton 11 July 2023
- Ripley 25 July 2023
- Bromborough 18 July 2023
- Tonbridge 25 July 2023
- Bristol Westbury on Trym 1 August 2023
- Bethnal Green 15 August 2023
- Ormskirk 01 August 2023
- Hornchurch 15 August 2023
- Putney 01 August 2023
- Colwyn Bay 15 August 2023
- Ashton under Lyne 01 August 2023
- Dorchester 22 August 2023
- Kenilworth 01 August 2023
- Morley 22 August 2023
- Reigate 08 August 2023
- Wymondham 22 August 2023
- North Finchley 08 August 2023
- Ryde 22 August 2023
- Cirencester 08 August 2023
- Windsor 22 August 2023
- Henley on Thames 08 August 2023
- Cardiff Rhyd y Penau 29 August 2023
- Denbigh 08 August 2023
- Leighton Buzzard 29 August 2023
- 122 Finchley Road 15 August 2023
- Eastwood 29 August 2023
- Chippenham 15 August 2023
The following are also closing, but the dates are yet to be confirmed:
Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She joined MoneyWeek in 2019.
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
By Marc Shoffman Published
Equity release rates drop – is it worth unlocking cash from your home?
News Lifetime mortgage rates are falling from their record highs - is equity release worth another look?
By Marc Shoffman Published
NatWest-owned Ulster bank boosts easy access savings rate to 5.2%
Rates on easy access savings accounts have hit over 5%, with Ulster Bank now giving savers the chance to earn 5.2% on their cash savings. We have all the details.
By Marc Shoffman Published
Moneybox raises market-leading cash ISA to 5%
Savings and investing app MoneyBox has boosted the rate on its cash ISA again, hiking it from 4.75% to 5% making it one of top rates. We have all the details.
By Ruth Emery Published
October NS&I Premium Bonds winners - check now to see what you won
NS&I Premium Bonds holders can check now to see if they have won a prize this month. We explain how to check your premium bonds
By Kalpana Fitzpatrick Published
October’s NS&I Premium Bond winners revealed - have you scooped £1 million?
Two lucky NS&I Premium Bond winners are now millionaires this October. Find out here you are one of them
By Kalpana Fitzpatrick Published
The best packaged bank accounts
Advice Packaged bank accounts can offer great value with useful additional perks – but get it wrong and you could be out of pocket
By Tom Higgins Published
Energy bills to fall 7% under new price cap
Energy bills could fall by an average 7% from October under the new Energy Price cap announced today. We explain what the new cap mean for you and when it will come into play
By Pedro Gonçalves Published
Bank of Baroda closes doors to UK retail banking
After almost 70 years of operating in the UK, one of India’s largest bank is shutting up shop in the UK retail banking market. We explain everything you need to know if you have savings or a current account with Bank of Baroda
By Vaishali Varu Published
The best options to earn cashback on spending
From credit cards and current accounts to cashback websites, there are plenty of ways to earn cashback on the money you spend.
By John Fitzsimons Published