Telegraph Money 

The week's most important personal finance news, analysis and expert advice, from pensions and property to investment ideas and savings tips.

The Telegraph take

By Stephanie Baxter Deputy personal finance editor

Banks have been stripping away local services to save on costs as more customers use online and telephone banking. In the past five years, the number of branches has fallen from 9,803 to 6,549, with rural areas being the worst hit.

This has angered many Telegraph readers who rely on their local branch to do banking, especially those who live in areas with poor internet service.

To compensate, many of the big high street banks have allowed customers to manage their money at any of the 11,500 Post Office shops since 2015.

But Telegraph Money has found there is actually very little savers can do at the Post Office. Banks only offer basic services – pay cash in, take money out, deposit cheques and check bank balances – and most don't even offer all four. This chart shows which services are available at which banks.

The recent decision of Barclays to stop allowing customers to withdraw cash at the postal service from next January is disappointing and frankly very worrying. Even though it promises to invest in free ATMs, thousands of machines have already either been closed or started charging.

As customers complain and threaten to change bank, Barclays should reverse its decision that will clearly damage its reputation. More than 100 MPs are now putting pressure on the bank to think again, warning its decision “will only add to the cash crisis many of the most vulnerable and elderly in our communities are currently facing."

Its rivals should see this as an opportunity to entice disgruntled Barclays customers and make it easier for people to do their banking without having to travel miles. It would be a disaster if this started a trend of banks reducing their already limited Post Office services.

Find out more about banking, and get tips and advice on the Telegraph website, where you can subscribe for just 2 a week. It's free for 30 days. Try it here.

Top stories

Moral Money

In the Moral Money podcast

Investing

Fame and Fortune

City Intelligence

Pensions and savings

Katie Morley investigates

Questor

You have the last word...

Paul Yarrow says of 'Tax hacks: how I increased my state pension by 50pc': "Beware of buying extra years. I have 30 years so would qualify for a full 'old pension'. However I was contracted out and once the new pension is calculated I qualify for the old one because with the calculations I would be worse off with the new one. So for me, buying five years would provide little, if any benefit."

Rob Wood says of 'Thought the top rate of tax was 45pc? Hundreds of thousands pay 62pc – and it's sapping the economy': "With this and the pension taper, it no longer made sense for me. Have gone down to three days a week, I see loads more of my kids and have time for my hobbies. Not sure if this was the outcome that the politicians wanted...?"

Vernon Skinner says of ‘I was jailed for smuggling weed. Now my credit rating’s ruined because I didn’t pay my phone bill’: "I was shocked to find out recently that every time I change a direct debit instruction, it shows up on my credit record. Big brother not only watches you, he records your every move. Credit records should only be used for preventing fraud, not as another avenue of 24/7 spying on the general law-abiding population."

Contact us: to pose a question to our team of expert reporters, email moneyexpert@telegraph.co.uk. If you'd like a free financial plan, email money@telegraph.co.uk with the subject 'Give me a Money Makeover'.

Join our new investment-focused Facebook group to debate the latest share tips and investing trends.

See more Telegraph newsletters

Investor  |  Property  |  Business  |  Front Bench

You have received this email because you have agreed to receive marketing messages by email from Telegraph Media Group Limited or its group companies or you may have signed up to receive this newsletter. Please do not reply to this email.

Terms and conditions apply to all offers, prices and competitions that may be shown in this email. For full details please click on the advertised offer. The Telegraph reserves the right to withdraw these offers without notice.

To unsubscribe from this newsletter, visit your account here, and update your preferences. If you have forgotten your password, you can reset it by visiting the account login page.

In accordance with the 2018 Data Protection Act, Telegraph Media Group Limited and its group companies are committed to protecting your privacy. If you wish to know more please access our privacy policy.

This email is from Telegraph Media Group Limited or its group companies - 111 Buckingham Palace Road, London SW1W 0DT. Registered in England under No 451593.