Half of the banks in north-east Fife have closed since 2015, new figures reveal

Half of the banks in the area have gone since 2015.

Analysis from consumer champion Which? has shown a sharp decline in the number of bank branches open in areas across much of the UK compared to seven years ago.

According to figures up to the end of April, 11 banks have been shuttered in the north east of the Kingdom since the start of 2015 - leaving just 11 remaining in the area.

Separate figures from LINK, a cash machine network, show there has also been a decline in the number of free-to-use ATMs across the UK in recent years.

Their data shows that between the start of 2018 and early March this year, the number of ATMs in the area dropped from 66 to 62.

The increasing use of online banking and contactless payments have led to concerns some will be left behind, or unable to access key services.

Which? chief executive, Anabel Hoult, said: “While the pandemic has accelerated the move to digital payments for many consumers, many are not yet ready to make that switch and require protection from an avalanche of ATM and bank branch closures that have left the UK’s cash system at risk of collapse.”

A bill to protect access to cash was announced as part of the Queen’s Speech in May.

The Treasury said that the new legislation will ensure “continued access to withdrawal and deposit facilities across the UK”.