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.
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:
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
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.
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.
Out of the 39 Virgin Money closures, Link has recommended no additional services, although one review is still underway. Find out more: 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 moreCashback 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:source https://www.which.co.uk/news/article/virgin-money-bank-branch-closures-aEzpZ1V4d6ia