Some 15 new Banking Hubs are being rolled out across the UK as part of new rules to support access to cash amid the recent wave of bank branch closures.
Various banks, including Lloyds, Barclays and NatWest, have pledged to take part in the scheme which will reportedly improve in-person banking services to areas deprived of branches.
Through these hubs, banks share a communal space where personal and business customers can access certain services.
Hubs have a counter service operated by the Post Office with staff from high street banks operating the site on a rotating basis.
Small businesses are able to use the Banking Hubs' deposit services with facilities to access and pay in banknotes and coins.
Cash Access UK is responsible for delivering hubs to communities with ATM network LINK recommending where hubs should be opened.
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The number of bank branch closures in the UK has hit 6,000 since 2015 GETTY As it stands, Cash Access UK has opened 81 banking hubs across the country with plans for more hubs announced as part of new cash access rules under the Financial Conduct Authority (FCA).
As part of the new status quo, banks and building societies have to look into whether changes to local services, such as branch closures or cash machines, result in local communities losing access to cash.
Furthermore, residents, businesses, local representatives and charities who feel there is a gap in cash access can request a review to LINK.
According to the organisation, it will be able to recommend banking hubs where there is still one bank or building society branch in town, where it might not meet the needs of businesses and consumers.
- 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, Monmouthshire, Wales
- Morecambe, Lancashire.
Here is a list of the communities that will receive a Banking Hub based on requests from the community
- Harpenden, Hertfordshire
- Huntly, Aberdeenshire, Scotland
- Yeadon, West Yorkshire.
Post Office and Cash Access UK have announced 50 banking hubs have now been openedPOST OFFICEAdrian Roberts, the deputy CEO of Link, said: "Today is an important moment for the millions of people across the country who either rely on or prefer to use cash on a regular basis.
"The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our high streets for years to come."
Despite this, Ron Delnevo, chair of the Payment Choice Alliance, shared with GB News his disappointment over the "inadequate"
He explained: "The CEO of Cash Access UK had already agreed to have 200 open by the end of 2025. 350 by 2029 is actually a drastic slowing down of the opening programme."