Banking hubs to open in two NW towns to combat branch closures

Two North West towns are to get banking hubs in a bid to combat the ongoing reduction in bank branches around the country.

West Kirby and Stalybridge are among the latest locations to get a banking hub following the closure of the last bank branches in both towns.

In 2021, the banking industry agreed that following the closure of any bank branch, LINK, the UK’s cash access and ATM network, will identify whether a community requires further cash services. Additionally, any community without a branch can contact LINK directly and ask to be assessed for support.

LINK has now recommended that more than 100 communities should benefit from new shared banking services.

There are currently seven banking hubs up and running across the UK including Acton (London), Carnoustie (Angus), Brixham (Devon), Cambuslang (Lanarkshire), Cottingham (East Riding of Yorkshire), Rochford (Essex) and Troon (Ayrshire).

In January this year Horwich was nominated for a banking hub.

Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone.

The hub will comprise a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.

The banks involved in the scheme are: Bank of Ireland UK, Barclays, Danske Bank, HSBC, Lloyds Bank, Nationwide Building Society, NatWest, Santander, TSB, and Virgin Money.

In addition to new banking hubs, other new innovations such as deposit services, and cash at the till, which allows retailers to provide free access to cash to consumers, are beginning to appear across the country.

The banking hub will now be delivered by a new bank-owned infrastructure company called Cash Access UK. Over the next few weeks, it will begin to engage with the local community and start looking for potential sites. The hub will likely open in 2024.

Nick Quin, head of financial inclusion, LINK, said: “While more consumers are choosing to pay for things online and digitally, there are still five million people who rely on cash.

“We know that face to face banking services are critical, too.

“That’s why banking hubs are important for consumers, businesses and the high street.”