Cash Access UK, the organisation set up to protect access to cash across the nation, has partnered with Co-op to open the very first banking hub within a supermarket setting.
The hub – located in Co-op’s Treorchy convenience store in South Wales – will provide local residents and businesses with convenient access to essential banking services alongside their everyday shopping needs.
While more banking customers are choosing to bank and pay for things digitally, there are still many customers and businesses that require regular access to cash and face to face banking services. As a result, the banking industry came together in 2022 to begin the wider rollout of banking hubs to help maintain these services on high streets. 150 hubs are open across the country.
“We're thrilled to partner with Co-op to establish our Treorchy banking hub permanently within their local store,” Gareth Oakley, CEO at Cash Access UK, said.
“This collaboration ensures continued access to cash and banking services for the community, with daily support for cash transactions and scheduled visits from community bankers. We thank Co-op for allowing us to utilise unused space in their premises.”
The move forms part of Co-op’s focus on creating added services in its stores and, to promote stronger and more resilient communities.
“We are pleased to partner with Cash Access UK – and delighted to host their first ever banking hub in a convenience store setting,” Mark Matthews, Director of Format and Innovation, Co-op, said.
“At the very heart of our approach is convenience. Our stores are more than just a shop, they are a community hub combining great quality products, value and deals along with community participation and a range of added services. We are committed to creating social value, and promoting stronger communities - providing a permanent home for Treorchy’s banking hub inside the local Co-op will ensure convenient access to cash and financial services to benefit the local community.”
A banking hub is a shared banking space on the high street. Hubs offer a counter service operated by Post Office, where customers of all major banks and building societies can carry out regular cash transactions, Monday to Friday.
The hubs also offer a community banker service where customers can talk to their own bank about more complicated banking issues. The community bankers work on rotation, with a different bank available on each day of the week. Community bankers are usually provided by the banks with the most customers in the local area.
The banking hub, operating Monday to Friday from 9am to 5pm, will offer customers from all major banks the ability to perform regular transactions including cash withdrawals, deposits, balance checks, and bill payments.
LINK, the UK’s cash machine network, which decides where new services are needed, last month confirmed 19 new locations which can expect to see a shared banking hub open on the local high street in the future.
The new hubs follow the announcement of the closure of 95 branches of Santander. LINK has now recommended 224 hubs as it continues to assess cash access across the country. The government has committed to delivering 350 banking hubs over the course of this parliament.
Since 2022, LINK has assessed the closure of 1,879 bank branch closures, and continues to receive community requests from across the country.
