Link, the ATM network, is to launch 14 new banking hubs in a bid to tackle increasing branch closures on the high street and improve access to cash.
Over 1,500 banks have now closed their doors, leaving those needing face-to-face service looking to travel further to another branch or use an alternative service.
The closures include major players such as HSBC, Lloyds and Virgin Money as they move towards digital banking. Recently, Barclays said it plans to close 57 branches in the next two years, RBS is to shut a fifth of its shops and we will see 49 NatWest stores disappear this year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The Labour party has pledged to open at least 350 banking hubs over the next parliament if it wins this week’s general election, recognising the need for banking to be widely available on the high street again.
The arrival of banking hubs means you can still stick with your provider and use your bank’s services in person. We saw the first six banking hubs open up last summer and there are now around 60 in the UK.
John Howells, chief executive Officer at Link said: The banking hubs we’ve announced today will protect access to cash on 14 high streets which are losing their last bank branch.”
While you have the option to switch bank accounts to a provider that has a branch near you, there is no guarantee its branch will remain open in the future.
Find out if one of the 14 is opening near you, and if you’re eligible to use a banking hub.
Where will the new banking hubs open?
The 14 new banking hubs, operated by the Post Office, will open next year in the following locations. They will be free to use.
| Banking hubs locations |
|---|
| 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 |
You can check if one of 60 hubs that are already scattered around the UK, is near you on the Cash Access website.
Link has also announced nine deposit service sites to open in a year. Deposit services allow customers and small businesses to deposit cash in their bank account.
These are the deposit service locations.
| Deposit services |
|---|
| North Berwick, East Lothian, Scotland |
| Blyth, Northumberland, England |
| Brynmawr, Blaenau Gwent, Wales |
| Chesham, Buckinghamshire, England |
| Kenilworth, Warwickshire, England |
| Liskeard, Cornwall, England |
| St Ives, Cambridgeshire, England |
| Stow-on-the-Wold, Gloucestershire, England |
| Wadebridge, Cornwall, England |
How do banking hubs work?
Customers from various banks can access services in a banking hub, but it’s not open to everyone. The services include withdrawing or cashing in money, making bill payments or speaking to an adviser.
To use a banking hub, you need to be banking with one of the following providers:
- Barclays
- HSBC
- Lloyds Bank
- NatWest
- Santander
- TSB
- Virgin Money
- Bank of Ireland UK
- Danske Bank
-
Revealed: the cheapest day to buy car insuranceCar insurance costs have soared by almost 50% for some drivers. But this one trick could save you hundreds. We reveal the cheapest day to buy car insurance
-
Stock market delisting: Video games firm accepts £2.1bn bid in yet another blow to the LSEKeywords Studios has backed a cash bid worth £24.50 a share from Swedish private equity firm EQT that will see yet another firm delist from the London Stock Exchange.
