A MAIN Isle of Wight bank has announced it will close its Ryde branch this summer, reporting a significant decrease in footfall and a rise in mobile banking users.

NatWest, in St Thomas' Square, will close its doors for the final time on Thursday, August 10.

The bank reports that between January 2019 and January 2022, counter transactions for personal customers at the Ryde branch decreased by 63 per cent.

It also said that only five personal customers and 101 business customers used the branch regularly in 2021 and that 59 per cent of personal customers chose to use online banking on the NatWest mobile app instead.

Isle of Wight County Press: NatWest bank in Ryde's Saint James' SquareNatWest bank in Ryde's Saint James' Square (Image: Google Maps)

Ryde's HSBC bank will also close in August, and last summer also saw the closure of its Barclays branch - meaning three banks will have left the town within 12 months.

A NatWest spokesperson said: “As with many industries, most of our customers are shifting to mobile and online banking because it’s faster and easier for people to manage their financial lives.  

“We understand and recognise that digital solutions aren’t right for everyone or every situation and that when we close branches, we have to make sure that no one is left behind.

“We take our responsibility seriously to support the people who face challenges in moving online, so we are investing to provide them with support and alternatives that work for them.”

The bank said closing a branch is always difficult and not a decision that is ever taken lightly.

Before closing a bank, NatWest said it looks at the likely impact on customers, how often customers use the branch and the transactions they’re making, their banking preferences and where the nearest branch and nearest cash machines are.