A banking hub is a shared banking space on the high street. Banking hubs feature a counter service operated by the Post Office, allowing customers of any bank to withdraw and deposit cash, settle bills, and conduct routine banking transactions.
Each hub also has a private area where customers can consult with ‘community bankers’ from their respective banks for more complex matters that necessitate specialised knowledge or confidentiality. The banks participating in each hub operate on a rotational basis, ensuring the presence of staff from different banks on varying days.
‘A significant milestone’
Ross Borkett, banking director at Post Office, said: “With the opening of Jedburgh banking hub, I’m delighted that we are now operating 50 banking hubs across the UK in partnership with Cash Access UK. This is a significant milestone for both Cash Access UK and all of our postmasters who operate the banking hubs.
“Postmasters and their teams work so hard to create an accessible and friendly location where residents and local businesses alike have somewhere convenient to access and deposit their cash and support the local high street.”
Cash Access UK, the organisation set up to protect nationwide access to cash, is responsible for setting up banking hubs. It said that access to cash and banking services remain vital for millions of people across the UK, despite more people choosing to bank and make payments digitally. The organisation plans to have 100 hubs up and running by the end of the year.
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‘Bringing energy and life back’ to communities
Banking hubs have become vital for some communities due to the number of bank branches closing. Back in January, Barclays flagged 40 banks for closure, while Which? estimated that nearly three million people won’t have access to a physical bank branch in their local area by the end of 2024.
Banks have to follow set rules if they intend to close branches, including notifying cash machine network Link.
Gareth Oakley, CEO of Cash Access UK, said: “In a short space of time, we’re very proud of the difference the hubs are making. It’s been a particularly busy six months; this week alone, new hubs have opened in Harleston, Shirebrook and now Jedburgh.
“Our hubs are proving extremely popular, serving hundreds of customers every day, and our data shows that more than 80% of customers would recommend a hub to others. This goes to show just how much people value access to cash and face-to-face banking. If you visit the more established hubs, you will also see how they are bringing energy and life back to these communities too.”
Banking hubs are recommended by Link, the UK’s cash access and ATM network, which independently reviews a community based on criteria including number of shops, transport links and deprivation. Link will assess an area following confirmation of a bank closure or through a community request.
From the day a hub is recommended, it typically takes around 12 months to open. In locations where it proves difficult to find a suitable property, Cash Access UK can open temporary hubs, providing all the same services and by the same team. This gives more time to secure a permanent home for the hub and crucially gives that community access to important services without the need to travel.
