Pensioners warned ‘loyalty doesn’t pay’ as they’re urged to make £250 decision | Personal Finance | Finance

A money expert has warned pensioners to consider who they bank with amid a range of high street closures. Alastair Douglas, CEO of TotallyMoney believes that those who struggle or are unable to use online banking should assess changing their bank to ensure that their needs are met.

He advises that there could also be a financial incentive in doing so, with some banks currently offering as much as £250 to new customers.

He told the Daily Express: “2026 has seen several banks announce they’ll be  closing high-street branches – Santander will be closing 44, NatWest 32, and Lloyds, Halifax and the Bank of Scotland will be shutting at least 168 over the next two years.

“Banks have a duty of care to support their customers, and even though digital services are becoming increasingly popular, the real concern is for the elderly and vulnerable – many of whom rely on both cash and real-life support.”

More than 120 banks have announced plans to close this week with Lloyds Banking Group announcing plans to shut down an additional 95 branches across the UK, impacting customers of Lloyds Bank, Halifax, and Bank of Scotland.  

Once all previously announced closures have been carried out, the banking group will be left with a network of 610 branches.

NatWest has also announced the closures of 32 branches. It means 230 banks are scheduled to close in 2026, with another 15 already due to shutter in 2027 and 28 that have yet to receive an end date.

Of the recent closure announcements, the vast majority (108) affect communities in England, with 11 banks due to shut in Scotland, and eight in Wales.

Douglas added: “If you’re worried about your branch closing, then visit your bank’s website – they’ll have details about the closest available branch, or local banking hubs. Now might also be a good time to think about switching to a different provider. 

“Loyalty doesn’t pay, but six banks are offering up to £250 for you to switch, with added bonuses of cashback, 0% overdrafts, and inflation-beating savings accounts. 

“And moving might be easier than you think – with the Current Account Switch Service automatically shifting your regular payments and balance within seven working days.”