NEW research has revealed that Scotland has lost 42% of its high street banks over the last 10 years.
The research comes from the team at Money.co.uk Business, who looked at how the UK is adapting to a digital-first economy and how this affects businesses and individuals.
The number of banks and building societies declining by region:
| Bank & building society branches | ||||
| Rank | Region | 2013 | 2023 | Difference |
| 1 | South West | 1,170 | 615 | -47% |
| 2 | Yorkshire and The Humber | 1005 | 555 | -45% |
| 3 | North West | 1,430 | 805 | -44% |
| 4 | London | 2,120 | 1,210 | -43% |
| 5 | Scotland | 1,160 | 670 | -42% |
| 6 | South East | 1,700 | 995 | -41% |
| 6 | East | 1090 | 645 | -41% |
| 8 | East Midlands | 815 | 495 | -39% |
| 9 | West Midlands | 1065 | 655 | -38% |
| 9 | Wales | 675 | 420 | -38% |
| 11 | North East | 445 | 290 | -35% |
| 12 | Northern Ireland | 375 | 315 | -16% |
The South West has seen the most significant loss of branches, dropping by nearly half.
Northern Ireland saw the lowest impact, with only a 16% decrease, from 375 to 315.
The number of banks and building societies declining in the UK:
| Year | Banks | Building societies | Total |
| 2013 | 11,335 | 1,725 | 13,060 |
| 2014 | 10,960 | 1,685 | 12,645 |
| 2015 | 10,745 | 1,930 | 12,675 |
| 2016 | 10,340 | 1,975 | 12,315 |
| 2017 | 9,690 | 1,985 | 11,675 |
| 2018 | 9,090 | 1,975 | 11,065 |
| 2019 | 8,525 | 1,880 | 10,405 |
| 2020 | 7,675 | 1,880 | 9,555 |
| 2021 | 6,965 | 1,840 | 8,805 |
| 2022 | 6,305 | 1,755 | 8,060 |
| 2023 | 5,745 | 1,925 | 7,670 |
The total number of both decreased from 16,955 in 2010 to 7,670 in 2023. There has been a consistent decline in the number of banks and building societies in the UK over the last 13 years.
The number of banks fell from 14,855 in 2010 to 5,745 in 2023, banks have seen a steeper decline than building societies, possibly due to consolidations, closures, and the rise of digital banking solutions requiring fewer physical branches.
The full report is available to download here.
