Shared Banking Spaces Fill Void Left by High Street Branch Shutdowns
Link, the UK's cash machine network, has recommended eleven new banking hubs following Lloyds Banking Group's announcement of 49 further branch closures. This expansion comes as traditional banks continue to shutter physical locations at a rapid pace, citing declining counter transactions and increased customer preference for online and mobile services. The government has committed to delivering 350 banking hubs over the course of this Parliament, with 186 already operational across the country.
Banking hubs provide a shared commercial space where customers of any bank can access cash and basic banking services. Operated by the Post Office with funding from Cash Access UK, these facilities feature counter services staffed by Post Office employees for routine transactions like cash withdrawals, deposits, and bill payments. For more complex matters, private consultation rooms allow customers to speak with community bankers from their own financial institutions on a rotating weekly basis.
The need for these alternative banking solutions is evident in communities like Golspie, where Sutherland MP Jamie Stone recently secured a review of cash access following the closure of the village's Bank of Scotland branch earlier this year. Similar situations are unfolding nationwide, with Link having assessed 2,209 bank branch closures since 2022 while continuing to receive community requests for better cash access. John Howells, Link's chief executive, emphasized that "millions still rely on cash day in, day out, and we're committed to keeping cash on the high street."
Ryde exemplifies the transition pattern, where Lloyds Bank's scheduled January 2026 closure will leave the town without any high street banks after previous withdrawals by Santander, Barclays, HSBC, and NatWest. However, Link has confirmed Ryde will receive a banking hub to maintain essential services. With 244 hubs recommended to date, these shared facilities represent a growing solution to preserve face-to-face banking access as the industry's physical footprint continues to evolve.
