The ‘banking hubs’ replacing vanishing high street branches near you

Just under 1,000 bank branches either closed or became slated to do so since February last year – around a quarter of those leaving a community with no alternative.

With another 81 planned throughout July alone, closures continue at pace. On Monday, Barclays announced another 14 of its locations would be shutting their doors, with around a third of its UK network to vanish between 2023 and 2024.

Banking hubs look set to become the new norm. Similar to a traditional branch, a counter service will be run by Post Office staff where customers of all banks can make withdrawals, deposits and pay bills.

Once a week bankers from individual firms will be at hand for more complicated transactions such as mortgages or pensions.

All the major banks including Barclays, Lloyds, HSBC, NatWest and Santander, have signed up for this Cash Access UK scheme, with more hubs cropping up every day.

Locations for banking hubs are recommended by LINK, the UK’s cash access and ATM network. It makes an assessment based on other locally available services, population size and the number of nearby shops.

As part of a landmark agreement between the banks and building societies, LINK is identifying whether any community is in need of further cash services following the closure of a physical branch. 

After the latest banking hub opened in Carnoustie in Scotland last Wednesday, seven hubs are now operational across the UK: Acton in London, Brixham in Devon, Cambuslang in Lanarkshire, Carnoustie in Angus, Cottingham in Yorkshire, Rochford in Essex and Troon in Ayrshire.

Another 62 have been recommended in other locations – check if one is planned near you using our interactive map below.

Cat Farrow, chief operating officer for Cash Access UK, said: “We know that millions of people are successfully banking online and making payments using cards, phones and other forms of technology. But more than five million people rely on cash day in, day out, and it’s vital that they’re not left behind. 

“So far, seven banking hubs have opened and we’re working hard to open more. The hubs are getting busier all the time and local communities are reporting that they’re bringing life back to the high street. We’re delighted to be making a difference to communities across the UK and look forward to working with many more in the future.”

Most major banks in the UK are taking part in the scheme, including Barclays, TSB, Santander, NatWest, HSBC, Lloyds, Nationwide, Virgin Money, Dansk, and Bank of Ireland UK.

Communities without any surviving bank branches are also able to request a banking hub on the LINK website.