One of first five ‘bank hubs’ to open in county
ENSURING ACCESS TO CASH
THE UK’s biggest money lenders have come together to ensure future cash access to communities with limited services - and a Leicestershire town is one of the first five places to get one.
Barclays, HSBC UK, Lloyds Banking Group, Nationwide Building Society, Natwest, Santander UK, TSB and Danske Bank are among the banking corporations that have agreed to join forces to create a “bank hub”.
Syston has made the list for one of five locations to open next year, which involves lenders working together to offer basic cash services on high streets.
Councillor James Poland, for Syston Fosse, took to Facebook to share his thoughts on the scheme.
He wrote: “Great news that one of the first shared bank branches in the country, known as a Bank Hub, will open in Syston next year!
“The Bank Hub... will allow residents to access a range of banking activities in the town.”
Acton in West London, Brixham in Devon, Carnoustie in Angus and Knaresborough in North Yorkshire are also on the list as new locations after the successful trials piloted in Rochford, Essex and
Cambuslang, South Lanarkshire earlier this year.
While each banks may offer its own services from a hub, on different days of the week, the collaboration, achieved through the Access to Cash Action Group (CAG), signals a long-term commitment to ensuring widespread cash and banking access for communities where services are limited.
If a bank involved in the initiative decides to close a branch, it will inform ATM network Link who will then independently look into what the closure means for the community as a whole, including its residents and businesses.
For example, if there are no bank branches remaining, the group could consider whether there is a local Post Office or a bank hub.
Natalie Ceeney, chairman of CAG, said: “I’m delighted the industry is committing to ensuring that the cash needs of consumers and small businesses up and down the UK will continue to be met.
“We know that demand for cash is declining, but we also know that it continues to play a vital part in the lives of at least five million people in the UK – including some of the most vulnerable in society. I’m confident that the new plan will lay the foundations for a positive future for cash access across the UK.”
Nick Read, group chief executive, Post Office, said: “It is very positive that the Post Office and banks continue to work together effectively to deal with such a fundamental issue.”
Those behind the scheme said cash use is still around 35 per cent below pre-Covid-19 levels, however millions of people across the UK still use cash daily and many businesses need places to withdraw and deposit it.
Link has already assessed most communities where closures have taken place over the past year and new services are planned for 2022.
John Howells, chief executive, Link, said: “The UK is not ready to be a cashless society and free access to cash remains vital for many consumers and communities.”
Caroline Abrahams, from Age UK, said: “This is arguably the most promising development we’ve yet seen in ensuring that older people can continue to access cash.”