Banking Hub company will help maintain access to cash

A new company will help to make sure there are sufficient cash services across the UK.

In December, the Cash Action Group (CAG), made up of major banks, the Post Office and others, said any community facing the closure of a core cash service, such as a bank branch or cash machine, will have its needs assessed by ATM network Link.

If Link determines that a new banking hub is required, the banks have committed to set one up.

Banking hubs involve banks working jointly to offer basic cash services on high streets, with spaces for people to speak to their own bank.

Each bank may offer its own services from a hub, on different days of the week.

The CAG said it is establishing a Banking Hub company to oversee the rollout of cash services across the UK.

It has appointed Gareth Oakley, who joins from Lloyds Banking Group, as its chief executive and Amanda Bell, formerly from TSB, as delivery director.

Natalie Ceeney, who chaired the Access to Cash Review and the Cash Action Group, will chair the new Banking Hub company.

Five new banking hubs were announced in December 2021 in Acton, west London; Brixham, Devon; Carnoustie, Angus; Knaresborough, North Yorkshire; and Syston, Leicestershire.

The CAG is working with communities to establish potential sites for the hubs in these locations.

The UK Government has previously said it plans to legislate to protect the future of cash.

Ms Ceeney said: “The fact we’ve secured such talented leaders to take forward this work demonstrates the level of commitment that the banks have to this project, and the opportunity that we have to make a real difference to communities.”