South Woodford NatWest latest victim of bank closures in Redbridge

South Woodford NatWest will close on June 28 2022

South Woodford NatWest will close on June 28 2022 - Credit: PA

NatWest has announced that its South Woodford branch will close this summer.

The high street bank no longer trade as of June 28, along with 31 other branches across the UK.

NatWest said that the "ease of mobile and online banking" meant fewer people are coming into the bank.

"This means we’ve had to make some tough choices about which can stay open," the bank said on its website.

"So, we want to make sure that we keep the branches people are using most."

According to the company, counter transactions for personal customers at the South Woodford branch decreased by 20 per cent between 2017 and 2019.

In 2019, 59pc of customers using the branch also chose to use online banking or the mobile app.

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"We have used data up to 2019 as this represents normal branch usage, as 2020 data has been significantly impacted by the coronavirus pandemic," the bank said.

NatWest promised that despite the closure, customers still be able to talk to one of its team either on the phone, by video or in another branch. 

The closest store is 1.3 miles away in Wanstead, while the branches in Chingford and Walthamstow Central will remain open.

Customers can also carry out certain banking functions at the nearby South Woodford's Post Office on George Lane.

There has been a growing trend in high street banks shutting their doors in recent years, a situation accelerated over the pandemic.

Last summer, Lloyds Bank announced it would shut its Gants Hill branch in October due to "customers using it less often."

More historically, the closure of the Seven Kings NatWest in 2015 sparked anger and disappointment from residents.

According to comparison site Which?, the NatWest Group - which comprises of NatWest, Royal Bank of Scotland and Ulster Bank - will have closed 1,110 branches by the end of this year.