Aberfeldy to be left without bank as TSB announces closure plans

Banking firm TSB will close its Aberfeldy branch later this year, leaving the Perthshire town without a bank.

The branch is one of nine that will close this year across the UK. The move comes as more people turn to banking online.

The Aberfeldy branch will close on May 16.

A review into the branch found 85% of its personal banking customers and 98% of business customers also use another TSB branch or channel.

It also found just one customer visited the bank on a regular basis.

In 2022, TSB closed 70 branches, including in Dundee and Forfar.

A TSB spokesman said: “We have not taken the decision to close our Aberfeldy branch lightly, but our customers are banking differently – with more using digital banking.

“Customer transactions at the branch have fallen by 49% between November 2020 and November 2022 and there is a Post Office and free to use ATM within a mile of the branch.”

However, the closure means TSB customers living in Aberfeldy will need to travel to Perth, a 60-mile round trip.

TSB closure leaves town without bank

Perthshire North MSP John Swinney said: “This is disappointing news that will understandably be greeted with significant sadness in the local community.

“This closure decision now means that Aberfeldy will be left without any bank branches.

“Whilst technology allows many aspects of banking to be performed via telephone or the internet, we know that for some vulnerable customers this is simply not possible.”

The Deputy First Minister said he has asked the bank for the reasons behind the closure.

“I am keen to ensure meaningful steps are taken to support customers who will be most acutely affected,” he said.

A ‘devastating blow’ for Aberfeldy

Meanwhile Pete Wishart, MP for Perth and North Perthshire, said the bank closure was a “devastating blow”.

He added: “Bank closures have a disproportionate impact on rural towns like Aberfeldy, where residents have much further to travel to the next nearest branch.

“This is especially burdensome for elderly and vulnerable customers.

“While I am reassured to hear that there will be no job losses, myself and John Swinney are now seeking clarity on what TSB are doing to protect their vulnerable customers in the area.”