Halifax to close Newmarket branch as use by customers shrinks

Another high street bank will close its doors in Newmarket this year as use by customers continues to dwindle.

Halifax has announced it will shut its branch in Market Street on September 11.

Data released by the firm suggested transactions at the town's bank have shrunk by 63 per cent since 2017.

It was still committed to investing in bank branches across the country by making sure they are located where they are most needed, the company said.

However, as many customers choose to do business and banking online, it revealed it made the decision to shut down in the town, it added.

This follows the announcement that Barclays would also be shutting its bank in the town in June.

The closest Halifax branches to Newmarket are the Cambridge Petty Cury branch or the one in Bury St Edmunds' Cornhill.

Customers can also use a Post Office for everyday banking.

In addition, a community banker will also visit the town for a period after the closure to offer support and guidance on how to continue banking, Halifax said.

According to data released by the bank, 62 customers used the branch regularly in the 12 months leading to October 2022.

About 32 per cent of users have visited another branch, while 72 per cent used other Halifax banks, online or telephone banking.

Halifax said: "Like many other high street businesses, we’ve seen people using our branches less frequently in recent years as more customers choose to do most of their everyday banking online.

"We’re responding to the way our customers use our branches.

"We’ll continue to invest in our branch network, but we have to make sure our branches are where customers need and use them most.

"As a result, we've made the difficult decision to close this branch because customers are using it less often. In addition, the majority of customers are also using alternative ways to bank."

Halifax has revealed it will be in contact with local leaders to assess the impact of the bank's closure.

This would include West Suffolk MP Matt Hancock, the Cambridgeshire Chamber of Commerce, and the banking team for the Post Office.