Plans for more banking hubs as branches close

Locations for nine new, shared banking hubs have been announced – days after a host of branch closures were revealed.

The hubs, which allow people from different banks to deposit and withdraw money, will open only after suitable premises have been found.

In total, plans for 38 of these shared branches have been outlined, but only four have opened.

Thousands of regular bank branches have closed in recent years, as many customers move online.

A total of 87 branches have been slated for closure by High Street banks so far this year, including announcements by Lloyds Banking Group and NatWest.

That has raised concerns that many people who struggle with digital services, and small businesses that need to deposit their takings locally, would be severely impacted. Many could struggle with getting access to any cash.

Following assessments by the cash access and ATM network operator, Link, the nine new hubs have been recommended for:

These hubs would see counter services run for the major banks, often by the Post Office, and dedicated rooms where customers could visit community bankers from their own bank.

The hubs currently operating are in Brixham in Devon, Cambuslang in South Lanarkshire, Cottingham in East Yorkshire, and Rochford in Essex.

John Howells, chief executive of Link, said: “Access to cash and face-to-face banking services continues to be important for millions of people across the UK. Not everyone can or is able to go digital yet, so we’re pleased to announce new cash services to support these communities.”

Consumer groups have given a guarded welcome to the introduction of new hubs, but said the time taken to set them up was too slow as bank branches were closing at a rapid rate.

Link also announced the planned introduction of cash deposit machines in Keswick in Cumbria, Ripley in Derbyshire, Littlehampton in West Sussex, Whitstable in Kent, Dagenham in Greater London, and Colwyn Bay in Conwy.