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25% of over 50s to switch bank if their branch closes

Jordan Williams | 10:31 Wednesday 17th May 2017

New research has found that 55m over 50s are expected to switch banks if their local branch disappears.

Saga surveyed 10,000 over 50s, in which half (50%) said that banks should not be allowed to close local branches and more than a third (37%) said that without access to a high-street bank they would be prevented from carrying out many financial transactions.

Lisa Harris, head of communications for Saga, commented: “It is clear that access to a local high street bank is important for the over 50s, particularly for the older generations who are less likely to bank online and more likely to find it difficult to travel further afield.

“Many over 50s will have held an account with the same bank for a number of years and will find the switching process stressful. More needs to be done by the banks to ensure they maintain a high-street presence, particularly for their loyal customers.”

One in five (21%) said they don't bank online and almost a third (31%) said that their next closest branch would be too far to travel.

Saga claimed that those in their 80s reported that a local branch closure would have the most impact on them with 36% prepared to switch banks and 48% said that most financial transactions would become impossible for them.

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