The closure of high street banks in Penarth has hit many businesses in the town and even the town council has been affected. 

Penarth Town Council is closing its account with Barclays, which shut its branch in the town in 2021, and moving to Natwest, which has its nearest branch in Barry after its Penarth one shut last year.

At a town council meeting on Thursday, April 13, the council’s financial officer revealed the town council’s financial situation, while recommending closing the account with Barclays and opening an account with NatWest.

Cllr Mark Wilson, of the Stanwell Ward, said it was “disappointing” the council - like other businesses - was no longer able to bank in the town.

Cllr Wilson explained it was the council’s desire to remain banking within Penarth, however they had little options.

The idea of using Nationwide, which has a branch in Windsor Road, had been explored as the building society branch was said to be looking into offering business banking services but as that did not transpire, it was not an option for the council.

At the meeting Cllr Wilson said: “It’s a disappointment (not banking in town).

“We know HSBC is closing in the summer. We regret there are no banks, we cannot bank in Penarth – HSBC is closing, Nationwide is a no-no – our stance was to move to Nationwide, but Nationwide’s stance was not to do that.”

No Barclays, no banking in Penarth

Investment strategies are required for any municipal organisation which has a revenue higher than £250,000 – which Penarth Town Council easily reaches, with revenue streams totalling £600,000 as of the end of March 2023

More than £280,000 was reported to be in the Barclays’ account – which is moving to the Public Sector Deposit Fund, looked after by investment managers CCLA.

After the meeting, a council spokesperson explained: “We are going to be closing our account with Barclays and opening up a NatWest account.

“We will be continuing to utilise the CCLA Public Sector Deposit accounts already held by Penarth Town Council to maximise the higher interest rates these accounts attract.”

Penarth’s high street banks fall

High street banks seem to be disappearing, and Penarth is no exception, with HSBC closing this summer, at a date to be confirmed, following Barclays, NatWest and Lloyds out of town.

Nationwide Building Society remains and the Post Office offers some banking services. 

Do you bank in Penarth? Have you lost your high street bank? Are you now online and if so is it better? Let us know at harry.jamshidian@newsquest.co.uk.

Editor's note: This article has been amended, to correct the fact that £280,000 has been moved to the Public Sector Deposit Fund, looked after by investment managers CCLA, and not NatWest as originally stated, and that Barclays' Penarth branch closed in 2021.