The branch on the high street will close for good on June 23, 2025.
Charlie Davis, Conservative councillor for Eltham Town & Avery Hill and former parliamentary candidate for Eltham & Chislehurst, expressed his frustration after receiving confirmation of the closure.
He said: “Very disappointing to receive confirmation from Santander this morning that their Eltham branch will be closing on the 23rd of June, especially as they had given me assurance last April that they had no plans to close the branch.”
Santander says the closure is due to a shift in customer habits, with most people now choosing to bank online or by phone.
According to data from the bank, 96 per cent of its Eltham customers already use a variety of banking methods, and 77 per cent have used online, mobile, or telephone services.
Nearly 46 per cent also visit other Santander branches, which the company argues reduces the need for a dedicated branch in Eltham.
However, the figures also show that 78 personal customers and one business customer exclusively use the Eltham branch for banking, completing three or more transactions there during a six-month period.
77 customers have made multiple general enquiries in person at the branch, suggesting a continued reliance on face-to-face services.
Santander has pointed to the availability of digital banking and alternative services in the area, highlighting that 99.6 per cent of residents in the local authority area have access to superfast broadband.
The bank argues this makes it easier for people to manage their finances online or via mobile banking.
Despite this, the announcement has sparked concern, particularly among those who rely on in-person banking.
While Santander has pointed to alternative options such as the Post Office on Court Yard and ATMs at Tesco and NoteMachine on Eltham High Street, customers who prefer face-to-face banking will now have to travel to the nearest branches in Lewisham or Bexleyheath.
The bank says it has notified local MPs, councillors, and community groups about the decision and will be offering support to customers who may struggle with the transition.
It has also informed LINK, an independent industry body that assesses the impact of branch closures, to evaluate local access to cash services.
The closure of the Eltham branch is part of a much larger shake-up across the UK, with Santander announcing plans to shut 95 branches in June, putting around 750 jobs at risk.
The banking giant is also cutting hours at 36 branches and switching 18 locations to be counter-free.
Once the closures take effect, Santander will be left with 349 branches, down from 444, as it shifts its focus towards digital banking and alternative service models such as so-called work cafés.
The move reflects a wider trend of high street banks cutting physical locations, with thousands of branches disappearing across the country in recent years.
Consumer group Which? reports that over 5,000 UK bank branches have closed since 2015, raising concerns about access to cash and in-person services, particularly for elderly and vulnerable customers.
