UK's 100th banking hub opens

The UK's 100th banking hub has opened in Darwen, Lancashire after more than three years without a high street bank.

The new Market St hub aims to tackle the growing concern over bank branch closures in local communities while helping the government inch closer to its goal of 350 hubs by the end of this parliamentary term.

What are banking hubs?

Banking hubs are shared spaces where staff from different banks can help customers with everyday transactions and answer any questions.

There’s usually a different bank available each weekday.

These hubs are a lifeline for local residents, offering services like:

• cash withdrawals
• cheque deposits
• paying utility bills
• face-to-face banking support

They also have private areas for more complicated banking needs.

There are no rules yet telling hubs which services to provide as the Financial Conduct Authority (FCA) only makes sure the hubs offer access to cash.

What the banking hub means for Darwen

The Darwen banking hub will be staffed by the banks who have the most customers, which are:

• NatWest
• Santander
• Lloyds
• Halifax
• Barclays

This means 10,000 local residents and 150 shops within one kilometre of the town centre can still access cash and banking services.

Why do we need banking hubs?

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

Under FCA rules, banks need to check how easily residents can access cash before closing any branches or cash machines.

If there’s a gap, e.g. where a town has lost all of its banks, they have to fill it with a hub – read more about them in our guide.