Banking Hubs

Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, the Government understands the importance of face-to-face banking to communities and is committed to ensuring sufficient access for customers. The Government recognises the role that banking hubs play in supporting communities’ access to cash and basic banking services. In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament.

Banking hubs were developed by the financial services sector in the context of legislation to protect access to cash under the Financial Services and Markets Act 2023. Banking hubs are delivered and funded by industry through Cash Access UK (CAUK), which oversees the rollout and operation of hubs. LINK, as the operator of the UK’s largest ATM network, assesses local access needs following a branch closure or a community request, and where additional services are required, CAUK provides a suitable shared solution, such as a deposit service or banking hub, for cash users in that community. The future viability of banking hubs depends on ongoing commercial agreements between participating banks and on consumer demand for in-person banking services.

The Financial Services and Markets Act 2023 gives the Financial Conduct Authority powers to ensure reasonable access to cash, and the Government continues to work closely with industry and regulators to monitor delivery.