In the next five years the UK will have 350 ‘banking hubs’, shared spaces on the high street where bank representatives work on rotation.
Banks made the commitment after meeting with city minister Tulip Siddiq on Thursday.
Siddiq said: “Banking hubs are a lifeline for local communities that have lost their final bank branch.
“I’m confident that the banks will deliver on the commitment made today, as well as take a more active approach to meeting the needs of local communities.”
Members include Barclays, HSBC, Lloyds, NatWest and Santander, while the banking hubs are operated by the Post Office.
Much like a regular branch, the hubs allow people to pay in cheques, as well as make cash deposits and withdrawals.
There are currently only 81 hubs operating, according to trade body Cash Access UK.
Some 230 hubs are set to be opened by the end of 2025. The remaining 120 are expected to be rolled out by the end of the parliament, around 2029.
Sam Richardson, deputy editor of Which? Money, said: “With thousands of bank branches closed in recent years, leaving communities all over the UK cut off from vital services, a commitment to speed up the rollout of more banking hubs is positive news.
“However… the pace of delivery will need to increase substantially to achieve these targets – and based on recent history consumers could be forgiven for wondering whether these hubs will materialise.
“To ensure consumers feel the benefits of new hubs, the government must hold banks’ feet to the fire to ensure they are delivering on these promises, so that those who rely on in-person banking services can access them locally when they need to.” #
Cash Access UK is looking into having printers at its hubs, so customers can get hard copies of statements or documents.
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