Lloyds Bank has announced it will close its Sidmouth branch on 5 September.

It had been the last bank left in the town after the HSBC branch shut its doors last year.

However, there are plans for a 'banking hub' in Sidmouth. No details have been released yet, but it will enable customers from a variety of banks to deposit and withdraw cash, pay in cheques, pay bills and use other services.

A Lloyds Bank spokesperson said: "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.

"You can use any of our branches and our nearest alternative is the Seaton branch [eight miles away]. You can also use a Post Office for your everyday banking. And there's also a banking hub planned for this area."

In terms of statistics, Lloyds said 59 per cent fewer people were making transactions in its Sidmouth branch in 2022 compared with 2017.

It added that 35 per cent of people using the bank were over 75, and 74 per cent were over the age of 55.

Sidmouth's MP backs banking hub plans

Simon Jupp MP (Nub News/ Will Goddard)

Conservative MP for East Devon Simon Jupp, whose constituency includes Sidmouth, said: "I am bitterly disappointed by Lloyds' decision.

"More than a third of customers using the branch are over 75 and the big banks need to remember the older generation who aren't online and local businesses too.

"As a resident of Sidmouth, I know the branch is valued by the local community and I have asked Lloyds to reconsider their decision.

"I recently met with LINK, the independent interbank network responsible for assessing the impact of branch closures on people and businesses, to discuss how to setup shared banking hubs in East Devon.

"I am pleased to confirm a banking hub is planned for Sidmouth.

"It's important residents can speak to someone from their bank in-person, too, which is why I've launched a local survey to send a clear message to all 10 major high street banks that they should look to staff the banking hub.

"I'll work hard to make sure people can still access their banking services in the town."