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Banking industry

Banking Giants Unite to Ensure Cash Access in Struggling Communities

Strategic Insights

— 2 min read

Eight of the UK's major banks and the Post Office have joined forces to create a network of "bank hubs" that will provide essential cash services in high streets across the country. The initiative, led by the Access to Cash Action Group (CAG), aims to ensure that communities with limited banking services have access to cash and banking facilities. Syston in Leicestershire is one of the first five locations set to benefit from the scheme, alongside Acton in London, Brixham in Devon, Carnoustie in Angus, and Knaresborough in North Yorkshire.

Key Takeaways:

  • The Access to Cash Action Group (CAG) has brought together eight major banks and the Post Office to create "bank hubs" in high streets across the UK.
  • The initiative aims to ensure that communities with limited banking services have access to cash and banking facilities.
  • Syston, Leicestershire, is one of the first five locations to benefit from the scheme, alongside Acton in London, Brixham in Devon, Carnoustie in Angus, and Knaresborough in North Yorkshire.
  • The bank hub model will allow residents to access a range of banking activities in the towns, despite individual banks operating on different days of the week.
  • The scheme signals a long-term commitment to ensuring widespread cash and banking access for communities where services are limited.
  • If a bank decides to close a branch, Link will assess the impact on the community and consider alternative options, such as a Post Office or bank hub.
  • Natalie Ceeney, chairman of CAG, emphasized the importance of cash access, stating that at least five million people in the UK rely on cash daily, including some of the most vulnerable in society.
  • John Howells, chief executive of Link, emphasized that the UK is not ready to be a cashless society, and free access to cash remains vital for many consumers and communities.
  • Caroline Abrahams, from Age UK, praised the initiative, stating it is the most promising development in ensuring older people can continue to access cash.

Statistics:

  • 8 major banks (Barclays, HSBC UK, Lloyds Banking Group, Nationwide Building Society, Natwest, Santander UK, TSB, and Danske Bank) and the Post Office have joined the Access to Cash Action Group (CAG).
  • 5 locations (Syston in Leicestershire, Acton in London, Brixham in Devon, Carnoustie in Angus, and Knaresborough in North Yorkshire) have been chosen to benefit from the bank hub initiative.
  • Cash use is still 35% below pre-Covid-19 levels.
  • Millions of people across the UK still use cash daily.
  • The Post Office and banks will continue to work together to deal with the issue of cash access.
  • Link has assessed most communities where closures have taken place over the past year and new services are planned for 2022.

Sources:

  • [The UK's biggest money lenders join forces to create bank hub, Leicestershire Live]
  • [Banking giants join forces to create bank hub in high street to address cash crisis, Daily Mail]
  • [Access to Cash Action Group: major banks join forces to address cash crisis, The Telegraph]
  • [Post Office and banks team up to tackle cash crisis, BBC News]

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