Virgin Money to close 39 more branches in 2023

Virgin Money has announced it will close a further 39 branches in England, Scotland, Wales and Northern Ireland in 2023.

The bank has already shut down one branch this year, so by the end of 2023, 40 branches will have closed. Virgin Money's last big wave of branch closures was in 2022 when it closed 30 sites.

The high street bank said it had decided to close these stores based on changing customer needs, with fewer in-store transactions and more demand for online banking. 

Here, Which? takes a closer look at which sites are closing and what measures are in place to protect cash access, including a new law that came into force in June.

Which Virgin Money branches are closing in 2023?

The table below shows the locations of the 39 branches due to close in 2023. You can use the search bar to see if your local branch is affected:

Why are these branches closing?

Virgin Money said it had to respond to 'evolving demand' and that it had considered the number of vulnerable customers using each store through the review process.

A spokesman added: 'We will proactively provide enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes.

'On the support we offer, we’re confident that we offer a good blend of options for how customers can manage their accounts – including digital, telephone and face-to-face both through our stores and the Post Office network – meaning customers will continue to choose Virgin Money.'

Virgin Money said it would write to impacted customers to let them know the options they have available, including the app, online banking, contact centres, the Post Office, and their nearest Virgin Money store. 

It will also provide digital how-to guides to help customers access its digital services. 

Which other banks are closing branches in 2023?

Virgin Money isn't the only bank to announce closures in 2023. All the major high street banks have sites earmarked for closure, and more could follow:

• Barclays: 156
• Lloyds Banking Group including Halifax and Bank of Scotland: 155
• NatWest Group  including Royal Bank of Scotland: 142
• HSBC:114
• TSB: 9
• Santander: 5
• Nationwide: 2

To find out whether your local branch is closing or has recently closed, our bank branch closure tool shows those shutting down in your local authority area.

Which? Money Podcast

Join us on our weekly audio show for the latest money news and personal finance hacks to help make you better off.

Listen now

What's being done to protect access to cash?

Bank branch closures can have an impact on our ability to access cash.

Cash is the second most frequently used method of payment in the UK. Used by 5.4 million adults, it also provides a lifeline for vulnerable groups.

Which? has been campaigning to protect cash since 2015. Here are some of the cash solutions that have been announced or put in place since our campaign began:

New law to protect access to cash

First announced in the Queen’s Speech in May 2022, the new law will ensure people can continue to conveniently withdraw and deposit cash, following the rapid rate of bank branch and ATM closures.

His Majesty’s Treasury will set minimum distances for cash withdrawals and deposits. These may differ between urban and rural locations, and also for personal and business accounts. 

These will be monitored and enforced by the Financial Conduct Authority (FCA). With its new powers, the FCA could stop banks and building societies from closing cash-access services if there is no suitable alternative within a reasonable distance.

Previously the Financial Services and Markets Bill did not specify whether withdrawal and deposit facilities should be free, or whether consumers might have to pay a charge. But through a late amendment to the Bill, called for by Which?, it will now ensure that people across the country can withdraw and deposit cash for free.

• Find out more: new rules to protect cash access and scam victims become law   

Link reviews for new cash services 

In December 2021, the Cash Action Group (CAG) announced that any community facing the closure of a core cash service, such as a bank branch or cash machine, will trigger an independent review by Link – the UK's main ATM operator.

Link will determine whether a new solution should be provided and will have the power to commission services, such as a shared banking hub or better Post Office services, to meet the cash needs of the community as a whole – not just the customers of one bank or building society. 

Out of the 39 Virgin Money closures, Link has recommended no additional services, although one review is still underway. 

• Find out more: are access to cash solutions enough?

Post Office services 

Since January 2020, customers of certain banks have been able to use Post Office branches to withdraw and deposit cash into their accounts and make balance queries. Most banks will also allow you to deposit cheques. 

The service will run until December 2025, after a new agreement was signed with 30 banks, including Virgin Money, in February 2022.

• Find out more: Post Office will offer banking services for 30 banks.

Cashback without purchase 

This initiative allows people to request cashback at the till in their local convenience store, without needing to make a purchase or pay a fee. It became possible last summer after a change in legislation. 

A commercial scheme, operated by Link, was rolled out at the end of 2021 and is available in 2,000 stores.

You can find out where this service is available by using Link's cash locator on its website or mobile app. Just type in your location and search for the orange symbols that state 'CT'.

• Find out more: cashback without purchase expands.