More than 60 ‘banking hubs’ set up across UK in bid to tackle demise of high street branches - is your town on the list?
12 July 2023, 11:16 | Updated: 12 July 2023, 11:18
More than 60 locations are to open up ‘banking hubs’ in a bid to address the recent rapid closures of high street branches.
Since early last year, more than 1,000 bank branches have closed or announced plans to close in the near future, in a growing trend that’s affected countless communities.
But now a number of ‘banking hubs’ are going to be set up across the country, managed by the post office, with the hope of restoring banking services on high streets.
Under the plans, 68 banking hubs are scheduled to be set up across the UK - with seven already launched last month.
Full list of bank hubs below
A hub was launched in Acton last month in its local shopping arcade.
The hubs are funded by the banks and strive to reinstate “back to basics” banking on high streets.
As more high street bank branches appear doomed for the same fate as their predecessors, high streets could expect to see more of the hubs in the future, if they prove successful.
It comes after new Government regulations which outlined banks must ensure its customers have access to cash.
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“As more branches close, I expect hundreds of new hubs to open across the UK,” John Howells, chief executive of cash machine network link said.
The hubs fuse multiple bank branches together, as they offer services from 30 banks and building societies under one roof, allowing customers to deposit money, make withdrawals and pay utility bills.
Open Monday to Friday, staff from five of the leading banks are also given one day a week to help customers, both personal and business, with more complex banking matters.
Under a 2021 agreement between banks and pressure groups, the hubs are only permitted in communities with no remaining banks.
Rupa Huq, Labour MP for Ealing Central and Acton, where one of the hubs was launched last month, said: “Acton is littered with the carcasses of branches deserted by the banks or without a nationwide bank.
“I’ve fought for the hub for a long time, so it’s great that it is now open.”
Although some have said signage for the hubs need to be clearer, otherwise potential customers could miss out on the services they provide.
“I walked past the hub the other day and saw no mention of my bank, so I assumed it wasn’t for me — just the customers of Barclays, Lloyds, Nationwide, NatWest and Santander as listed in the window,” a Co-op bank customer told This is Money.
She also called on the hubs to introduce more services and open on weekends: ‘Customers see the Post Office branding and expect to be able to buy stamps and travel money.”
Cat Farrow, chief operating officer at Cash Access UK, said: “As more hubs open, we’ll be listening carefully to feedback from residents and small businesses.
“We fully expect the concept to evolve over time to meet people’s changing needs. Right now though, our priority is opening more hubs."
Full list of banking hubs to open
North of England and Scotland
Brechin, Angus
Hornsea, Yorkshire
Knaresborough, Harrogate
Barnoldswick, Lancashire
Heywood, Greater Manchester
Horwich, Bolton
Maryport, Cumbria
Carluke, Lanarkshire
Forres, Moray
Kilwinning, Ayrshire
Kirkcudbright, Dumfries and Galloway
Otley, Yorkshire
Newton Aycliffe, County Durham
Withernsea, East Yorkshire
Bramhall, Cheshire
Crieff, Perthshire
Cumnock, Ayrshire
Darwen, Lancashire
Earlestown, Merseyside
Girvan, Ayrshire
Brechin, Angus
Jedburgh, Roxburghshire
The Midlands and East of England
Belper, Derbyshire
Clay Cross, Derbyshire
Lutterworth, Leicestershire
Oakham, Rutland
Stapleford, Nottinghamshire
Syston, Leicestershire
Cheadle, Staffordshire
Barton-upon-Humber, Lincolnshire
Watton, Norfolk
Ampthill, Bedfordshire
Bury Park, Bedfordshire
Ownham Market, Norfolk
Shirebrook, Derbyshire
Harleston, Norfolk
Market Rasen, Lincolnshire
Pershore, Worcestershire
London and the South of England
Welling, Bexley
Haslemere, Surrey
Shoreham by Sea, Shoreham
Axminster, Devon
Helston, Cornwall
Looe, Cornwall
Royal Wootton Bassett, Wiltshire
Sidmouth, Devon
Wellington, Somerset
Wales and Northern Ireland
Abergele, Conwy
Prestatyn, Denbighshire
Welshpool, Powys
Kilkeel, Country Down
Porthcawl, Bridgend
Treorchy, Rhondda
Abertillery, Monmouthshire
Risca, Monmouthshire
