New banking hubs to open to increase access to cash

As banking moves increasingly online, many local banks have closed their doors in recent years.

Over 6,000 branches have closed down since 2015, leaving many communities with less access to cash and banking services.

As part of an initiatives to improve access to bank services, ATM network Link have announced 15 new hubs will be opening in areas that need them:

• Sidcup (London)
• Normanton (West Yorkshire)
• Hailsham (East Sussex)
• Frome (Somerset)
• Sheerness (Kent)
• Whitley Bay (Tyne and Wear)
• Rugeley (Staffordshire)
• Newquay (Cornwall)
• Market Harborough (Leicestershire)
• Thetford (Norfolk)
• Monmouth (Wales)
• Morecambe (Lancashire)
• Harpenden (Hertfordshire)
• Huntly (Scotland)
• Yeadon (West Yorkshire) 

So far, there are 81 hubs open nationwide. In their election manifesto, the government promised to have 350 operating in five years’ time, including 230 by the end of next year.

You can check if there’s a banking hub near you here.

What are banking hubs?

Banking hubs allow staff from different banks to share the same space and make routine banking transactions. Hubs have private areas with staff representing each bank helping customers with more complex requests. 

Hubs are key to making sure there aren’t any barriers to using banking services, especially if you’re vulnerable or aren’t digitally savvy.

New regulation

The push for new banking hubs comes with greater government effort and regulation to ensure that residents have access to cash services.

Under the new rules, banks need to assess whether closing branches or cash machines will leave local people without access to cash.

Link then has 12 weeks to examine whether there are any barriers to depositing and withdrawing gaps. If so, banks need to deliver extra cash services to meet the needs of residents, like banking hubs, deposit ATMs and Post Office facilities.

Has your local bank closed?

Last year, more than 600 bank branches shut down across the UK.

If you’ve been hit by this, there are other places you can go to withdraw cash, deposit cheques, manage your payments and get face-to-face advice from a banking professional.

Read more in our guide on what to do if your local bank has closed down