Newbury TSB branch to close

The Newbury branch of TSB is going to close next year.

The branch, at 26 Northbrook Street, is one of 70 across the country that will be closing by June 2022 as the bank responds to declining branch use and more customers switching to online banking.

Newbury’s branch has been earmarked to close on June 7.

The Edinburgh-based bank said it had seen a significant decrease in branch use, with the average number of transactions per branch falling since January 2019 and showing no prospect of returning to pre-Covid levels.

More than 90 per cent of customer transactions are now carried out digitally and video banking accounts for over 90 per cent of mortgage appointments.

TSB’s chief customer officer Robin Bulloch said: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.

“These changes allow us to maintain an extensive branch presence across the country.

“They are accompanied by a significant investment programme to upgrade branches to better suit customer needs. And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”

The bank said there would be 150 fewer roles but all impacted staff would be offered alternative roles at TSB.

TSB currently has 290 branches, which will decrease to 220 by 2022.