More banking hubs operated by the Post Office will be launched across the UK in an attempt to tackle the detrimental impact of bank branch closures on local communities.
LINK, the ATM network, has confirmed 14 new banking hubs will be rolled out to bolster UK high streets and improve people’s access to cash next year. Among the banks participating in this initiative include Lloyds, NatWest, Barclays, HSBC and Santander.
Experts have previously warned that around three million Britons are at risk of not having sufficient access to cash services due to branch closures from banks and building societies.
Research conducted by LINK found that 405 more branches are to close in 2024, with another 78 already planned for next year. Which? reports that over 6,000 branches have shut down since 2019.
One of the options being floated to address the concerns many have with the change to traditional services is banking services.
These are sites where banks and building societies share a physical space located in areas which have been left bereft of a bank branch.
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Hubs include a counter service operated by employees from the Post Office who will facilitate cash withdrawals and deposits from any bank or building society.
On top of this, customers will be able to bill payments and complete any essential banking transactions.
Private areas to discuss sensitive financial matters will also be available in banking hubs where customers can speak with bank managers.
Ahead of voters heading to the polls later this week, the Labour Party has pledged to roll out hundreds of new hubs across the country to mitigate the impact of bank closures.
Here is a full list of the 14 banking hubs which are being placed in areas next year to help offset the recent trend of bank branch closures:
- Bathgate, West Lothian, Scotland
- Cowdenbeath, Fife, Scotland
- Linlithgow, West Lothian, Scotland
- Newton Stewart, Dumfries, Scotland
- Rothesay, Isle of Bute, Scotland
- Wick, Highland, Scotland
- Littlehampton, Sussex, England
- Alcester, Warwickshire, England
- Ashbourne, Derbyshire, England
- Sheffield, South Yorkshire, England
- Spennymoor, County Durham, England
- Stanley, County Durham, England
- Warwick, Warwickshire, England
- Woodbridge, Suffolk, England.
John Howells, the chief executive Officer at Link, outlined why this evolution in the provision of banking services will be essential for communities across the country.
He explained: “The banking hubs we’ve announced today will protect access to cash on 14 high streets which are losing their last bank branch.”
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A full breakdown of the existing banking hubs can be found by visiting the Cash Access UK website.
In order to access a banking hub, Britons need to be a customer at one of the following banks:
- NatWest
- Danske Bank
- Barclays
- HSBC
- Lloyds Bank
- Santander
- TSB
- Virgin Money
- Bank of Ireland UK.
