Isles of Scilly locals face having to take a £140 return flight or the ferry to their nearest bank

Residents on the Isles of Scilly face having to fly or take the ferry to their nearest bank after the last branch there closes its doors tomorrow.

Businesses and residents of the isolated community are outraged at the decision by Lloyds to shut its St Mary’s branch.

Joseph Badcock, 53, said: ‘It’s going to be hard for the elderly and the vulnerable. I run a business here and luckily I can use online banking. But there will be a lot of people who can’t. Travelling to the mainland will cost people money.’

Barclays closed their island branch four years ago and Lloyds have sought to justify this closure by saying that just 33 customers visited at least once a month, and 71 per cent of residents now prefer online banking.

In a letter, Lloyds told customers that their new nearest branch would be ‘just 44.15 miles away’ – but it failed to explain how arduous the trip will be.

One option is a ferry from St Mary’s to Penzance, which takes two hours and 45 minutes and costs around £140, followed by an 11-minute walk to the nearest Lloyds.

Travellers would also be forced to stay overnight because the journey times do not align with the bank’s opening hours.

However, the ferry does not run between December and February, leaving a flight as the only option. A daytime return starts at £127.

Age UK expressed concern that the trip would be too strenuous for some and pointed out that many people still rely on local banks.

There are 2,300 permanent residents on the islands, but the population reaches more than 4,000 in the summer months.

Lloyds has promised to keep their ATM on the island open and will test sending a community banker over once every two weeks.

The local Post Office is likely to end up having to deal with smaller financial issues.