New banking hub in Co Down will help public access cash after branch closures

The hubs are being rolled out across the UK in response to customer concerns about a lack of access to cash in some areas.

Banking hubs operate in a similar way to bank branches, but their services are shared, with banks providing staff on rotation so that trained specialists from different banks are available on different days.

The additional 13 new hubs announced on Tuesday brings the total number planned in the UK to 25, according to ATM network Link and the Cash Action Group, which includes banking industry representatives and others.

The first banking hubs were piloted last year in Cambuslang, South Lanarkshire and Rochford in Essex. The two hubs have already had approaching 60,000 customer visits and transactions worth £16 million have taken place since they opened.

As the impact of the cost-of-living crisis becomes increasingly apparent, the hubs are likely to become an ever more important resource, particularly in communities with minimal or limited cash access or banking facilities, those behind the initiative said.

John Bachtler, chair of the Cambuslang Community Council, said: “The banking hub is the centre of our community and it’s bringing life back to the high street and crucially helping people and businesses with their everyday banking needs.

“It gets busier and busier every week and we know it will make a significant difference in other communities”.

Bank branch closures, alongside other trends, have sparked concerns about people’s continued ability to easily access cash. The Post Office also has an agreement that helps people to do their everyday banking over its counters.

Convenience stores have also been offering cashback at tills as part of the initiatives to address gaps in the cash system.

There are also initiatives under way to provide standalone deposit services and banking services in libraries or community centres.

According to consumer campaigning group Which?, bank branches in the UK were closing at the rate of almost 100 per month between June and August last year.

Natalie Ceeney, chair of the Cash Action Group, said: “Cash still matters hugely to millions of people across the UK and with the cost-of-living crisis biting, more and more people are turning to cash as a way of budgeting effectively.

“This is only the start. The hub network will expand significantly to meet the demand of communities across the UK.”

John Howells, CEO of Link, said: “The UK isn’t ready to go cashless yet and it’s vital to protect our national cash infrastructure for the millions of consumers who still rely on cash.”

He added: “Any community with a problem with access to cash can now contact LINK and ask for help.”