Barclays, Lloyds, Natwest and Halifax customers handed accounts boost

Barclays Bank Announces Profits
-Credit: (Image: (Image: Getty))

Major banks such as HSBC, Lloyds, Barclays, Natwest and Halifax are set to introduce a change that could improve high street access for their account holders and services.

The Labour Party has pledged in its manifesto to establish 'banking hubs' on high streets, in collaboration with the Post Office, to enhance customers' access to funds. There has been ongoing concern over the national closure of bank branches.

Research by consumer magazine Which? revealed that over 6,000 branches have been closed since 2019, with 24 more closures already announced for 2025. Eight TSB branches, six Barclays, five Lloyds and five Halifax branches are due to close, reports the Express.

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Which? stated: "NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches - the most of any banking group. Lloyds Banking Group, made up of Lloyds Bank, Halifax and Bank of Scotland, has shut down 1,146 sites. Barclays is the individual bank that has reduced its network the most, with 1,216 branches now closed."

Keir Starmer was recently declared the new Prime Minister, and one of his key manifesto pledges revolves around the introduction of banking hubs.

The manifesto outlines: "The Post Office is an essential service in communities across the country. Labour will look for ways to strengthen the Post Office network, in consultation with sub-postmasters, trade unions and customers, and support the development of new products, services and business models, such as banking hubs, that will help reinvigorate the high street."

Additionally, it pledges assistance for homebuyers through a 'mortgage guarantee scheme' aimed at aiding first-time purchasers. Further details are provided: "We will introduce a permanent, comprehensive mortgage guarantee scheme, to support first-time buyers who struggle to save for a large deposit, with lower mortgage costs."

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