Skip to main content
We're here with practical information for your business. Learn about business planning, running a business and more.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Could high street bank branches become a thing of the past?

3 November 2020

If bank branches continue to close at their current rate there will be none left by April 2032, according to a new study of the retail banking sector.

Research by financial analysis firm AskTraders has found that an average of 55 banks have closed every month for the past five years. The study has found that just 7,655 banks remain. If this trend were to continue, all of the remaining branches in the UK would close within the next 12 years.

The research has also identified the areas hardest hit by bank closures. Nottingham is the city with the worst access to banks, followed by Bristol and Liverpool. London offers the best access to banks, followed by Southampton, Belfast and Edinburgh.

There are stark differences across the UK when it comes to the number of people each bank branch serves. For example, a single branch in Bradford South serves almost 106,000 people, while in Derby North and Chatham and Aylesford one bank serves 102,509 and 102,240 people respectively.

Residents in Na h-Eileanan an Iar (Outer Hebrides), Scotland, have the best access to banks with 108 branches serving a population of 26,830. That equates to just 248 people per bank.

In England, the City of London and Westminster have the best supply of banks in relation to their populations. About 130,000 people are served by 112 banks which works out at 1,160 people per bank.

The study found that 86% of Brits used the internet for online banking this year; however, 19% still visit a bank once a week or more and 39% said they visit their bank as regularly as they did five years ago. The most common reason for people visiting a bank is to pay in cheques, followed by withdrawing cash and seeking financial advice.

Nigel Frith, senior financial analyst at AskTraders, said the government must act now to protect access to cash. "With 50 million people in the UK still reliant on using cash, the need for security around high street banks is clear to see," he said. "While high streets and banking groups must continue to evolve, millions of people still rely on the services physical bank branches provide.

"Online banking should certainly be embraced but not at the expense of branches on the high street which meet the nuanced needs of individuals. It's really important the government delivers on its promise to protect access to cash."

Although Post Offices are often mooted as an alternative to bank branches, the study found that just 23% of Brits use them for banking services and more than 14% are completely unaware that they can use the Post Office for financial tasks.

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.