HSBC has pledged not to close any more branches until at least 2026 amid politcal and regulatory pressure to maintain access to cash on UK high streets.
The lender, which has closed 743 branches since 2015, has also allocated a £50 million spend on refurbishing its remaining 327-strong branch network.
The move comes as the Financial Conduct Authority introduces new access to cash rules which come into force this month. Under the new guiddance, banks and building societies will need to weigh up if local communities lack access to cash services, like branches and ATMs, and plug significant gaps.
Since January 2015, banks and building societies have closed 6,058 branches, which represents about 61% of the branches that were open at the start of 2015. So far there have been 410 closures scheduled across 2024, and another 61 have been pencilled in for 2025.
Alongside its branch pledge, HSBC in Frebruary opened the first of ten standalone 'Cash Pods' , designed to restore access to cash in communities blighted by the disappearance of tradional bank outlets and ATMs. Much like a traditional ATM, the Cash Pods enable all residents and businesses to withdraw cash and allow HSBC UK customers to deposit cash. The machine also enables customers to check their account balance, print mini-statements, activate a card and reset the PIN, and make payments linked to their HSBC UK credit card.