Frome's MP has spoken out against the planned closure of the local TSB branch, which was announced by the bank yesterday (May 9).

A total of 36 branches will be closed across the UK over the coming 12 months as it looks to cut costs.

Frome's TSB on Cheap Street is earmarked for closure this September.

But Sarah Dyke, the MP for Somerton and Frome, has condemned the decision by TSB. 

"I'm extremely disappointed by news of yet another bank closure in Frome," she said.

"Many vulnerable and elderly residents rely on in-person banking services and the town's businesses and charities need to be able to deposit cash takings."

TSB said it had made the decision has 96 per cent of the bank's transactions take place out of branch.

"The decision to close a branch is never taken lightly, but our customers are now doing most of their banking digitally and we need to move to a better balance of digital and face-to-face services," a spokesperson said.

"We remain committed to a national branch network and through innovation and integration with video, telephone, digital, branch and other face-to-face services TSB customers have more ways to bank with us than ever before."

Frome lost three bank branches in 2023, with the closure of Barclays, NatWest and HSBC, and Halifax is due to shut its doors this July.

When the town's TSB closes in September, the nearest alternative branch will be in Midsomer Norton, almost 10 miles away.

 A community-led group, Prosper Frome, was set up last year to explore the creation of a financial hub.

Prosper Frome applied to LINK, the organisation with responsibility for reviewing the impact on communities of changes to banking provision, but was told that the town did not qualify for an official hub, because it had adequate ATM provision and some remaining banks.

Following yesterday's announcement by TSB, LINK emailed Sarah Dyke informing her of a new deposit service for the town.

They wrote: "LINK assesses every bank branch closure in the country and can recommend shared banking services if certain criteria are met.

"I'm writing to let you know that we have visited Frome and it has met the criteria for a new deposit service."

The service will be operated by Cash Access UK, a not-for-profit company owned and funded by nine major high street banking providers.

LINK say that, once established, it'll ensure that local businesses and consumers are able to deposit cash in a way that is convenient for them.

"I'll be meeting with LINK, Frome Town Council and Prosper Frome as soon as possible to discuss banking provision, including plans for a new deposit service," the Lib Dem MP added.

"I'm committed to doing everything I can to ensure that the residents and businesses of Frome are able to access the financial services they need."

Anna Sabine, Liberal Democrat candidate for Frome and East Somerset, added: "This is an incredibly short-sighted decision by TSB and potentially worrying news for businesses in Frome, many of whom still rely on local banks.

 "I know from my conversations with local residents how worried they are about the future of our high streets. It is clear that the Conservatives have no plan to support our high streets to thrive."