Cash access network Link has confirmed its 200th banking hub recommendation to help plug gaps in the cash access network, as consumer campaigners raised concerns about access to physical banks being “cut to the bone”.
Link’s latest wave of recommendations will help to fill potential holes left behind and maintain cash access as banking giant Lloyds makes cuts to its branch network.
Lloyds Banking Group announced on Wednesday that it will shut 136 more high street branches.
Sam Richardson, deputy editor of Which? Money, said: “More people are banking digitally nowadays, but there remains a significant minority of consumers across the country who still rely on bank branches to access vital face-to-face services.
“The UK’s bank branch network has been cut to the bone in recent years, often leaving people struggling and having to travel long distances to access cash or banking services.
The UK’s bank branch network has been cut to the bone in recent years, often leaving people struggling and having to travel long distances to access cash or banking services
Sam Richardson, Which? Money
“It’s therefore vital that banking hubs are rolled out quickly so consumers can feel their effects. The Government has committed to opening 350 hubs in the next few years – and it should be prepared to revise that figure upwards if necessary.”
Twenty out of 22 new hubs announced by cash access and ATM network Link stemmed from local bank branch closures, with two others – Penistone in Yorkshire and Knutsford in Cheshire – due to requests made from within the community.
The remaining new hubs will be in Alexandria in Scotland; Annan, Scotland; Bishopbriggs, Scotland; Brigg, Lincolnshire Caterham, Surrey; Falmouth, Cornwall; Glossop, Derbyshire; Helensburgh, Scotland; Houghton-le-Spring, Tyne and Wear; Hucknall, Nottinghamshire; Horsforth, Yorkshire; Leominster, Herefordshire; Harpurhey, Manchester; Nelson, Lancashire; Peterlee, County Durham; Seaton, Devon; Sleaford, Lincolnshire; Tunstall, Staffordshire; Thornbury, Gloucestershire; and Wymondham in Norfolk.
Penistone marked Link’s 200th recommendation.
Lloyds Banking Group is set to close 61 Lloyds, 61 Halifax and 14 Bank of Scotland branches between May this year and March 2026.
The group said that customers can now use branches of other brands within the group for their in-person banking. Once all previously announced closures are complete, the banking group will have 757 branches remaining.
Link carries out assessments to understand how the closure of a bank branch will affect access to cash for the community.
Communities can also ask Link to carry out an assessment if they feel they need better access to cash.
A banking hub is a shared space on the high street that can be used by customers of different banks.
The Government has set a target to roll out 350 hubs by 2029.
According to Link, £79.5 billion was withdrawn from ATMs connected up to its network in 2024, which was a 1.2% decrease compared with 2023.
The network has seen a trend towards people visiting ATMs less often but withdrawing more cash when they do visit.
A recent survey by Link found that half (50%) of people have recently been somewhere that did not accept cash or discouraged its use.
Economic secretary to the Treasury Emma Reynolds told the Treasury Committee this week that the Government has no plans to force businesses to accept cash.
She told the hearing: “We have no plans to regulate businesses to compel them to accept cash – big or small.”
Since 2022, Link has assessed the closure of 1,784 bank branch closures.
John Howells, CEO, Link said: “The hubs will make a real difference for the millions of people who still rely on cash. We’re committed to keeping cash on the high street, and we’ll continue recommending banking hubs where they are needed.”
Gareth Oakley, CEO, Cash Access UK said: “We already have 105 banking hubs open and these are proving extremely popular.”
