Age Scotland has said shared bank hubs are needed to ensure older people can access vital financial services

Bank closures are having a significant impact on the finances of older people, a charity has claimed.

Following the announcement that 71 TSB bank branches in Scotland will be reducing their opening hours from the summer and four branches will close for good, Age Scotland has reiterated its call for banks to invest in shared bank hubs to address Scotland’s growing bank desert crisis.

TSB has revealed most of its Scottish branches will only open for two or three days a week from July and will close four branches in Edinburgh’s Haymarket, Fountainbridge, Aberdeen’s Holburn Street and another in Keith, Moray. TSB attributes the closures and reduced hours to lower customer visits to branches alongside an increase in online and phone banking.

Since 2010, one in three banks in Scotland have closed making it harder for older people to access their money. The national charity for older people, Age Scotland, has been campaigning for more innovative methods to deal with the increasing bank closures affecting communities and older people across the country.

Brian Sloan, Age Scotland chief executive, said: “Older people have been telling us that bank branches are important to them and recent closures are having a significant impact on how they manage their finances. They prefer having a face-to-face conversation about their finances with a real person and for half a million people in Scotland over the age of 60 who do not have access to the internet, digital solutions aren’t a feasible option.

“As older people are more likely to be targeted by scams, they’re less likely to go online or use the phone for banking. They shouldn’t be discriminated for a choice that protects their safety.

“We understand that there are financial reasons for closing some branches but urge TSB to look at shared banking hub options especially in rural areas and suburbs to engage with their older clients rather than isolate them. This method is currently piloted in Birmingham with a shared business bank hub for NatWest, Lloyds Bank and Barclays after the banks listened to their business customers’ needs so it shows that it's possible if the will is there.

“This option should be available to all of Scotland’s personal finance customers but it would particularly benefit older people who due to mobility restrictions, dementia, hearing or visual impairments prefer the personal face-to-face approach to their banking needs.”