One of the UK’s ‘big four’ banks has confirmed it will close all its mobile branches on the Isle of Wight next year.

Lloyds Bank currently provides mobile branches in Bembridge, Cowes, Freshwater and Sandown but will cease all operations by the end of May 2024.

Between August 2022 and July 2023, the banking giant says its mobile branches saw 722 transactions by personal customers and a further 592 by business customers.

In the bank's closure review, Lloyds said 44 per cent of its mobile branch customers on the Island are aged over 75, and only 31 customers have regularly used the service in the last six months.

The mobile branch will continue to visit its Island stops fortnightly until the service ends on the dates below.

Location - date of last visit:

  • Honnor & Jeffery Garden Centre, Afton Road, Freshwater – May 29, 2024
  • Cowes Harbour Commission, Town Quay, Cowes – May 30, 2024
  • York Road Long Stay Car Park (St John's Road), Sandown – May 31, 2024
  • Bembridge Methodist Church, Foreland Road, Bembridge – May 31, 2024

There are two permanent Lloyds branches on the Island, one in Newport’s St Thomas’ Square and another on Ryde’s Union Street.

Previously, there were branches in Bembridge, Cowes, Sandown, Shanklin and Freshwater, all of which have closed over the years.

Lloyds says it completes a 'detailed impact analysis’ when deciding to close a mobile branch, which includes finding out how customers choose to bank, how often the mobile branch is used, how that usage is changing, and considering the impact on vulnerable customers.