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The Death of Captain Mainwaring Banking – Who’s Left to Help?

ended 26. September 2025

First, savers were short-changed. Now, they’ve been abandoned.

High street banks continue to pay rock-bottom interest rates, profiting to the tune of hundreds or even thousands of pounds a year from loyal and often vulnerable customers. Yet, with branches closing at a record pace, savers don’t even get the traditional service that once justified their loyalty.

We are looking for examples where over members of the community such as financial advisers, religious leaders, charities, etc are stepping in to help bridge that gap.

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5 responses from the Newspage community

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Scott Gallacher
Director at Rowley Turton
The high street banks have abandoned not only the high street but also their loyal customers. This week, an older widow came in to see me for help with her savings. But during that meeting, the issue of her holiday came up. She told me she needed to make an overseas payment to secure it and was completely stuck with her bank’s app. In the past, her local branch would have handled this for her. Instead, I had to step in, guide her through the process, and make sure she didn’t miss out on that much-needed holiday.
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Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
Banks are like your first relationship, many of us get married early and just stick it out. However, the new generation like to date more, end relationships quickly and if your marriage isn’t working you get divorced. Like many of us live stuck in an unhappy marriage, millions of savers remained wedded to their bank and accept the unacceptable behaviour is super low interest rates. It’s time to serve your divorce papers and go for that younger more dynamic partner. They’ll treat you better and might even buy you a treat.
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Eamonn Prendergast
Chartered Financial Adviser at Palantir Financial Planning Ltd
The collapse of high street banking leaves more than just empty branches it exposes a gap in financial education. Too many people are still stuck in so-called “super saver” accounts that pay rock-bottom rates, while overdrafts and loans rack up eye-watering interest, especially for those least able to afford it. The irony is stark: the best deals often go unnoticed. Take Help to Save. it’s paid out more than £220m in bonuses, yet remains one of the best-kept secrets in personal finance. Greater awareness of schemes like this, alongside proper financial education, is essential if communities are to build resilience and avoid being trapped by poor value products and punitive borrowing costs.
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Tony Redondo
Founder at Cosmos Currency Exchange
Relationship banking died in 1992 when recession-hit UK banks shed thousands of experienced managers, replacing them with Indian call centres. Since then, bank managers exist in name only, with no customer loyalty rewards. While technology has accelerated banking processes and enabled niche competitors to fill market gaps, ongoing branch closures abandon many people—particularly older and vulnerable customers—without the personal financial guidance they once relied on. Non-financial entities like Citizens Advice, Age UK, and Community Development Financial Institutions now provide human-led support for clients needing that personal touch.
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Kundan Bhaduri
Entrepreneur, Investor and Landlord at The Kushman Group
Independent financial advisers are reporting unprecedented demand from branch closure refugees, while Citizens Advice continues to struggle with pension transfer queries that require regulatory qualifications rather than volunteer enthusiasm.

Elderly savers who trusted bank managers for decades now seek investment advice from local councillors and mortgage guidance from Age UK volunteers but is that really what financial advice has come to in 21th century Britain?