Banking Services in St Andrews

The future of banking services in St Andrews is becoming an increasingly important issue for our community.

This was recognised by local residents during the preparation of the St Andrews Local Place Plan, published in 2024, where improving access to banking services was identified as a priority action (Action 5.3).

The issue has also been actively pursued by our Member of Parliament for North East Fife, Wendy Chamberlain MP, who has been advocating on behalf of local communities affected by the loss of banking facilities and is encouraging residents to participate in the UK Government’s current review of banking services.

Over recent years, St Andrews has seen the steady loss of bank branches and building society offices from our town centre.

The reasons are well known. Banking habits have changed. More transactions are carried out online. Maintaining large premises and staffing traditional branches has become increasingly expensive.

However, while banking may be changing, the need for accessible banking services has not disappeared.

For many people, banking is about far more than withdrawing cash or checking a balance. It is about having access to a real person who can help with important financial matters, explain options, resolve problems and provide reassurance when things become complicated.

This is particularly important in a community such as St Andrews.

We have an ageing population. We have residents living with dementia and other cognitive conditions. We have people with disabilities who may find digital banking difficult or inaccessible. We have international students arriving from around the world who need guidance on navigating the UK banking system. We have local businesses, charities and community organisations that still rely on personal support and advice.

Online banking undoubtedly has an important role to play, and many people value its convenience. But digital services should complement face-to-face banking, not replace it entirely.

Nearby communities have already experienced the impact of losing traditional banking facilities, and while alternative arrangements have been introduced elsewhere, St Andrews faces the very real risk of being left with little or no local banking provision unless our needs are clearly understood and represented.

The UK Government has recently launched an independent review into access to banking services. The review is examining how branch closures are affecting communities and whether further action is needed to protect access to in-person banking services.

At the same time, Banking Hubs are being established across the country, bringing together shared banking facilities and face-to-face support in communities that have lost traditional branches.

This raises an important question for St Andrews:

If we were designing banking services from scratch today, what would our community actually need?

The answer is likely to include far more than simply access to cash.

It may include:

• Face-to-face banking advice.

• Help opening and managing accounts.

• Support for vulnerable customers.

• Assistance for those who struggle with online banking.

• Services tailored to international students.

• Support for small businesses, charities and voluntary organisations.

• Somewhere to turn when banking problems arise.

Rather than simply lamenting the loss of bank branches, this is an opportunity for St Andrews to define what modern banking access should look like in a university town with a diverse population and a significant number of older residents.

The Community Council encourages residents, businesses and community organisations to participate in the Government consultation and make their voices heard.

You can take part in the consultation here:

https://www.gov.uk/government/news/review-into-access-to-banking-services-begins

Wendy Chamberlain MP has encouraged residents to complete the questionnaire so that the needs and experiences of communities such as St Andrews are properly represented.

The Community Council would also welcome examples of how the loss of local banking services has affected you, your family, your business or your organisation.

If we do not explain the needs of St Andrews, decisions about the future of banking services in our town will be made without our input.

Now is the opportunity to ensure that the future of banking works for everyone.