Banks abandoning England's poorest areas
Banks have been closing branches in the poorest communities in England four times faster than in wealthy areas, according to research from Pockit.
High street banks have closed 990 branches in the most deprived areas of the country since 2010, with a quarter of local authorities claiming they had lost around 40% of their bank branches over an eight-year period.
On the other hand, the richest communities only lost 230 branches in the same time period.
As a result, digital current account provider Pockit said people without access to a bank account could face paying up to an extra £485 each year.
"Big banks are marginalising the poorest in society by shutting up shop and leaving them behind," said Pockit’s chief executive, Virraj Jatania.
"These findings suggest that high street lenders prefer serving the most well-off rather than the most in need. Banks should be supporting customers to improve their financial health, not abandoning them."
Between 2010 and 2018, about 5,035 bank and building society branches in England closed, which is a rate of almost two a day.
Pockit used bank branch closure figures and Office for National Statistics (ONS) data on deprivation in England.