Latest news with #SANTANDER
Scottish Sun
6 hours ago
- Business
- Scottish Sun
Major bank to close more Scots branches this month in huge blow to high streets
Check if your local bank has been impacted DON'T BANK ON IT Major bank to close more Scots branches this month in huge blow to high streets Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SANTANDER chiefs have revealed that five Scottish branches will be disappearing from the high street this month. And four more are expected to follow suit in July as more customers choose to bank online. Sign up for Scottish Sun newsletter Sign up 3 A total of nine Scottish Santander branches are set to close this summer Credit: Reuters 3 It comes as more and more customers shift to online banking Credit: EPA Back in March, the popular banking chain revealed that it would be closing at least 95 sites across the UK. The move, which put 750 people at risk of redundancy, comes as the industry continues to shift its focus to online and digital platforms. Over recent years, Santander has seen a surge in their online banking, with over half of their new accounts being set up online. And bank bosses said that cash being sent by mobile banking has also gone up by 89 per cent. They added that the amount of business done in brick-and-mortar branches has plummeted by 61 per cent, which has reduced the need for in-person services. This month, the first round of closures is underway, and more are expected to follow suit. Alongside the 95 closures, other branches are having their opening hours slashed. While others are being transformed into "counter-free" branches, where customers can still meet with staff. Just one branch in Irvine, Ayrshire, is having it's opening hours cut down. While the branch on Port Street in Stirling is the only one being turned into a counter-free branch. Bank of Scotland to Close 22 Branches: A Digital Transformation The only alternative is 'Banking Hubs', which have been launched to give customers access to cash and services, regardless of which bank they are with. The closures come after research from consumer champion Which? found that a total of 6,161 banks and building societies branches across the UK have closed since January 2015. This works out to an average of around 53 branches per month. However, this is becoming increasingly concerning for older people who may not be banking online. Santander previously said that staff were contacting their more vulnerable punters to inform them about the closures and what they can do. The full list of Santander Scottish branches that are set to close this summer is as follows: Peterhead - 16 June Arbroath - 17 June Glasgow MX - 23 June Glasgow LDHQ - 24 June Musselburgh - 30 June Cumbernauld - July 7 Saltcoats - July 21 Wishaw - July 22 Hawick - July 24 A statement on the Santander website reads: "We last did a major review of our branches in 2021. "Since then, many of our customers are choosing to use Mobile, Online and Telephone Banking more, and branches less." What to do if your local bank branch closes nges, they need to check whether local communities will be left without important cash services, like branches or ATMs, and fix any significant gaps. Residents and community groups can also ask for a review of cash-access gaps, and the providers have to respond. If big gaps are found, banks and building societies need to offer reasonable alternatives, like keeping branches or ATMs open until new ones are set up. GROWING CONCERNS The move has sparked concerns around older customers who may struggle with online banking. Many are also worried about the impact the closures could have on vulnerable people with limited access to online facilities. Charities like Age UK are campaigning to maintain some in-person banking options, with 4 million older Britons unable to manage their finances online. Caroline Abrahams, charity director at Age UK, said: 'Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks. "The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.' Solutions can include setting up banking hubs, new ATMs, or using Post Office facilities to keep cash services going. The vast majority of banking customers are moving online and don't need a physical branch as much as before. But any closures can be an issue for others, particularly elderly people in rural areas who don't have access to the internet. However, if your local branch is set to close, or has recently, you have some options. You can carry out most basic banking tasks at your nearest Post Office. You won't be able to apply for a loan or open a new bank account at once though. You can find your nearest Post Office branch by using the locator tool on its website. Plus, hundreds more banking hubs are set to open to replace lost banking services following years of widespread branch closures.
Scottish Sun
7 days ago
- Business
- Scottish Sun
Santander is making a huge change to bank accounts used by thousands from TODAY
If you're not happy with the change, scroll to find out how you can switch banks DON'T BANK ON IT Santander is making a huge change to bank accounts used by thousands from TODAY SANTANDER is slashing interest rates for two of its savings accounts from today - and customers should check if they're affected. The major bank is cutting savings rates from June 3 (today) on its Good for Life ISA and Rate for Life accounts. 1 Santander is slashing interest rates for two of its savings accounts Credit: Getty The interest rate on the Good for Life ISA account will drop from 4.5% to 4.25%, while the rate for the Rate for Life account will drop from 4.75% to 4.5%. Those who have saved less than £1,000 in the Rate for Life account will still continue to earn the same rate (1%) on these balances. It comes after the Bank of England (BoE) cut the base rate from 4.5% to 4.25% last month - the fourth cut since 2020. The base rate is used by banks to determine the interest rates offered to customers on savings and borrowing costs. While a rate cut is good news for borrowers, it's usually bad news for savers, who will usually see savings rates fall when the base rate is cut. This means they will earn less on their cash. For example, the average easy access savings rate was 2.78% on May 8, when the base rate was cut. Now it has dropped to 2.72%, according to comparison site Moneyfacts. Santander is not the only bank cutting rates on savings accounts. HSBC has also cut rates on eight of its savings accounts today. Nationwide Building Society cut savings rates on 63 of its accounts on Sunday, from easy-access ISAs to children's accounts. Santander's £130 Million Recovery: What You Need to Know NatWest cut savings rates on four of its accounts last Friday. Meanwhile, rates on three of its savings accounts and a kids' current account will be slashed from July 15. How to get the best savings rate As savings rates tumble, now is a good time to check what the interest rate is on your existing account. Around £280billion is sitting in accounts paying zero interest, according to latest data from the BoE. If you have an interest rate below the rate of inflation - which is currently 3.5% - then consider moving your money elsewhere, otherwise the spending power of your savings is eaten away. Use price comparison sites such as or to browse the best savings accounts on the market. The best easy access savings rate (based on a balance of £1,000) is offered by Atom Bank at 4.5 per cent. Experts are predicting that more cuts to the base rate this year are likely, so it may be worth considering locking up your money in a fixed rate savings account if you can afford to do so. The best one year fixed rate savings account is offered by Hampshire Trust Bank at 4.45%. However, be aware that you usually can't make withdrawals out of fixed term savings accounts, even in an emergency. Anne Bowes from The Private Office said: 'Review your savings accounts and switch if you are being paid an uncompetitive rate. 'Double check the terms and conditions of any account you are looking to open – or indeed close - as some accounts may have very short-term bonuses or restricted access. 'That means you might not earn as much interest as you hoped, or get hold of the money in as timely a manner as you were expecting.' How to switch banks For customers not happy with the latest shake-up, you may want to consider switching banks. Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as this is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving. There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account. You should get in touch with your existing bank for any old statements. When switching current accounts, consider what other perks might come with joining a specific bank or building society. Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts. And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
