Company dedicated to ensuring cash remains accessible opens 50th banking hub

The innovative model sees different banks taking turns to staff the hubs, providing a varied presence throughout the week

Lawrence Matheson and Vicky Shaw, PA Personal Finance Correspondent

14:52, 10 May 2024

The 50th banking hub has opened, according to Cash Access UK, an organisation set up to help protect access to cash (Image: PA Archive/PA Images)

Cash Access UK, the organisation dedicated to ensuring cash remains accessible, has announced the opening of its 50th banking hub.

The latest addition is in Jedburgh, located in the Scottish Borders, and there's an ambitious target to hit a century of hubs by year-end. The hubs help to plug gaps for communities as bank branches close and make it easier for small businesses to bank cash.

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They have a counter service operated by the Post Office, allowing customers to conduct routine banking transactions. Each hub also boasts a private space where individuals can receive guidance on more complex banking issues directly from representatives of their own banks.

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The innovative model sees different banks taking turns to staff the hubs, providing a varied presence throughout the week. Gareth Oakley, the chief executive of Cash Access UK, said: "In a short space of time, we're very proud of the difference the hubs are making. f you visit the more established hubs, you will also see how they are bringing energy and life back to these communities too."

Ross Borkett, the Post Office's banking director, said: "This is a significant milestone for both Cash Access UK and all of our postmasters who operate the banking hubs." Economic Secretary to the Treasury, Bim Afolami, said: "I look forward to seeing more hubs opening in the coming months."

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Cash access and ATM network Link, which assesses communities based on factors such as the number of shops, transport links and deprivation levels, recommends hubs. These recommendations are then implemented by Cash Access UK, a non-profit organisation funded and owned by nine major banks.

It usually takes about 12 months to open a hub from the day it is recommended. In areas where finding an appropriate property proves challenging, Cash Access UK can establish temporary hubs, allowing more time to find a permanent location for the hub. The 50th banking hub has been set up as a temporary hub on Exchange Street, Jedburgh.