More than 5,800 bank have closed since 2015 which is the equivalent of 54 every month with includes more than half of branches that were open at the beginning of that year.

Among the banking groups which have shut down physical locations include NatWest Group, which compromises NatWest, Royal Bank of Scotland Ulster Bank, and Lloyds Banking Group, which is made up of Lloyds Bank, Halifax and Bank of Scotland.

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NatWest Group has shut down 1,333 branches, whereas Lloyds Banking Group has shuttered 1,072 sites since 2015.

Many financial institutions have opted to expand online banking services in lieu of continuing to operate physical locations on the high street.

However, Which?’s research has revealed that 30 parliamentary constituencies, with an estimated population of 2.8 million people, will no longer have physical branches by the end of this year.

Despite millions having already switching to online banking or apps to manage their money, many are unable or unwilling to do so.

According to the British Retail Consortium (BRC), actual cash usage made up 19 per cent of transactions in 2022 which is a 15 per cent from the year before.

For many vulnerable people, including pensioners and small business owners, face-to-face banking services are important for withdrawing and depositing cash.

Recently, banks have offered alternative services including banking hubs for areas affected by these closures but Which? said the rollout has been too slow.

Some 30 of 101 recommended banking hub locations have opened, according to the latest LINK data. The Government has charged the Financial Conduct Authority (FCA) with overseeing the cash network. Under its remit, the regulator will focus primarily on access to cash services but will not be able to prevent a bank from closing a branch.

However, the FCA may have influence where a local brank is a key source of cash and is being urged to work closely with banks to make sure not communities are left without access to cash withdrawal.

Sam Richardson, the deputy editor of Which? Money, warned of the “alarming rate” of bank branch closures. He said: “A closed bank branch isn’t just a high street eyesore, but one less place for consumers to go to withdraw cash or access in-person banking services.