By Anna Wise,Holly Williams,Peter A Walker
Copyright insider
New banking hubs have been recommended by cash access network Link, after Lloyds Banking Group announced a further 49 bank branches will close.
A banking hub is similar to a traditional bank branch, but the space is shared by multiple banks.
Hubs have a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
There are also private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. Banks work on a rotating basis, so staff from different providers are available on different days.
Link has recommended 244 hubs so far.
The UK Government has committed to delivering 350 banking hubs over the course of this Parliament.
The hubs will now be delivered by Cash Access UK. To date, 186 banking hubs are up and running.
Since 2022, Link has assessed 2,209 bank branch closures, and continues to receive community requests for better cash access.
Retail banks have been shutting branches at a fast pace in recent years amid the shift towards online banking.
John Howells, chief executive of Link, said: “Banking hubs continue to provide a key service on the high street and we’re delighted to announce these new locations.
“Millions still rely on cash day in, day out, and we’re committed to keeping cash on the high street.”
Among the 11 new locations across the UK earmarked for a banking hub is one in Grangemouth.
As for the Lloyds Banking Group closures, all impacted staff will be offered roles at another branch or part of the business.
A spokesperson said: “The way people are banking has changed, with over 21 million customers choosing our apps to manage their money.
“We’re providing more choice than ever before, bringing together the best in digital convenience with our people.
“Alongside our app, our customers can use any Lloyds, Halifax or Bank of Scotland branch, the Post Office or banking hubs for their everyday banking, and deposit cash at over 30,000 PayPoint locations.”
The group will close 26 Lloyds branches, 10 Halifax and 13 Bank of Scotland sites as part of the latest announcement. It will be left with 705 branches – 359 Lloyds, 269 Halifax and 77 Bank of Scotland.
The Bank of Scotland sites going next year include:
Bellshill, North Lanarkshire – 12 January Castle Douglas, Dumfries and Galloway – 22 January Dingwall, Easter Ross – 25 March Erskine, Renfrewshire – 13 January Gairloch, Wester Ross, – 15 January Glasgow Anniesland – 12 January Grangemouth, Falkirk – 9 October Hawick, Roxburghshire – 7 October Largs, North Ayrshire – 25 March Larkhall, South Lanarkshire – 8 January Nairn, Highlands – 20 January St Andrews, Fife – 20 January Tain, Highlands – 12 January
Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.
