Banks deal 'protects' access to money

Major banks have agreed to share services to help people and businesses continue to have access to cash.

Barclays, HSBC, Lloyds, Nationwide Building Society, NatWest, Santander, TSB and Danske Bank have agreed to the new approach to ensure widespread cash and banking access for communities where services are limited.

The collaboration, achieved through the Access to Cash Action Group (CAG), means that, if a bank involved in the initiative decides to close a branch, it will inform ATM network Link – which will assess what the closure means for cash provision in the community and consider what measures to take.

That may involve setting up a ‘bank hub’ – banks working jointly to offer basic cash services on high streets, with spaces for people to speak to their own bank.

Cash use is still around 35% below pre-Covid-19 levels but millions of people still use cash daily and many businesses need places to withdraw and deposit it – and branch closures can have a serious effect on their dayto-day lives.

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."

Anabel Hoult, chief executive of consumer watchdog Which?, said: "We called on banks to do more to protect access to cash, and pause their branch closure plans until solutions are in place, so it's good to see proposals put forward that could make a real difference in securing the future of cash.

"The banks will now need to demonstrate that these measures deliver what is needed.”