News

• Landmark day for free cash access as FCA protections come into force.
• New rules will ensure that communities that need access to cash services will be able to access those services for years to come. 
• A further 15 new banking hubs have been confirmed as a result of the new rules taking the total to 162 with 76 already open and more to follow.

LINK, the UK’s cash access and ATM network, has today confirmed 15 new banking hubs will be delivered as new access to cash regulations overseen by the Financial Conduct Authority (FCA) come into force.

The latest Banking Hubs confirmed by LINK will be across the country and include locations which previously didn’t qualify.

Since early 2022, LINK has played a key role in determining where cash services including banking hubs and deposit services are located. The new rules build on previous voluntary arrangements put in place by the banking industry and, for the first time, will be enshrined in law.

Banking hubs are shared spaces where personal and business customers can access basic banking services and access to cash. The hubs have a traditional counter service operated by the Post Office, and community bankers from nine major high street banks operate on a rotating basis to provide support on more specific matters in a private space. Deposit services also provide small businesses with a facility to access and pay in notes and coins.

Once LINK has recommended a new banking hub or deposit service, in the majority of cases these will be delivered by a bank owned company called Cash Access UK. To date, Cash Access UK has opened 76 Banking Hubs across the UK.

LINK conducts community assessments in accordance with the new rules following the announcement of the closure of any high street bank, a significant change in the hours or services provided, or when a member of a community requests it.  

The new rules will ensure that:

• LINK is able to recommend banking hubs where there is still one bank or building society branch in town, where it might not meet the needs of businesses and consumers.
• A more rigorous analysis is conducted to determine the full impact of branch closures or service changes on communities and businesses.
• Banks designated by HM Treasury do not close branches until the new services are ready. 

As part of the changes, LINK has updated its Cash Locator App and tool on its website to allow people to check for their nearest free-to-use cash access point including banking hubs and post offices.

Adrian Roberts, Deputy CEO, LINK: 

"Today is an important moment for the millions of people across the country who either rely on or prefer to use cash on a regular basis. The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our high streets for years to come."

Economic Secretary to the Treasury, Tulip Siddiq said:

"It is vital that people have access to cash, so I’m pleased to see the FCA’s new rules that come into force today.

"I am also delighted to see the announcement of 15 new banking hubs, helping delivering on our commitment to roll out 350 banking hubs over the next five years. This will protect access to in person banking services and breathe new life into our high street."

List of locations

LINK has reassessed 182 previously announced bank branch closures where the branch has not yet closed its doors, under new rules in force today. As a result, the following communities will now have a Banking Hub delivered:

• Sidcup (London)
• Normanton (West Yorkshire)
• Hailsham (East Sussex)
• Frome (Somerset)
• Sheerness (Kent)
• Whitley Bay (Tyne and Wear)
• Rugeley (Staffordshire)
• Newquay (Cornwall)
• Market Harborough (Leicestershire)
• Thetford (Norfolk)
• Monmouth (Wales)
• Morecambe (Lancashire)

In addition, as a result of community requests received and assessed under new rules, the following communities will have a Banking Hub delivered:

• Harpenden (Hertfordshire)
• Huntly (Scotland)
• Yeadon (West Yorkshire) 

Download a full list of Hub Recommended.