Two BankHubs at Rochford and Cambuslang, operated by the Post Office in partnership with the banks, today (28 April) celebrate their one-year anniversary.
The two Hubs provided over £11.6 million in cash withdrawals and deposits to local residents and businesses in just one year, and in response, the Cash Action Group last December announced they would continue to run until spring 2023, at least.
Established in April 2021 as part of the Community Access to Cash Pilots (CACP) initiative, the service provides local customers with basic banking and cash services, as well as dedicated rooms where they could see community bankers from their own bank.
Of the £11.6 million in cash transactions, £9.2 million has been business and personal cash deposits and £2.4 million has been personal cash withdrawals.
Martin Kearsley, Post Office Banking Director, said: “We’re incredibly proud of the positive contribution the first two Hubs are making to local residents and businesses. Millions of people rely on cash every single day and cash is quite literally helping businesses tick over as they operate in the post Covid-19 landscape. The Hubs, as well as Post Offices more broadly, are providing a convenient and secure place for businesses and the self-employed to deposit much needed cash takings.”
Richard Fleetwood, Postmaster for Rochford BankHub, added: “People are spending more time in their local community, they want to support small businesses and the cash they are taking out and spending is all staying within the area, helping the town to prosper. Every Tuesday, market traders rely on us to deposit their cash takings and we have customers coming to us each week to do their everyday banking.
“Not everyone can do their banking online and we provide some people, particularly the elderly, with an opportunity to have some social interaction and it feels like a proper local community here where we all look out for each other. Even a year on, we’re seeing new faces as people try our hub for the first time which is contributing to month-on-month growth in cash transactions.”
Last December, the Cash Action Group announced details of a new landmark agreement to ensure long-term cash availability across the UK. Part of the agreement includes the roll out of shared banking hubs in Acton (West London), Brixham (Devon), Carnoustie (Angus), Knaresborough (North Yorks) and Syston (Leicestershire), Buckingham, Cottingham and Troon. It also includes Post Office delivering new and improved, dedicated cash services in up to 30 branches.
“We are delighted to celebrate the one-year anniversary of the Cambuslang BankHUB and we are very proud that Cambuslang has piloted a new model of high-street banking that is now spreading to the rest of the UK,” John Bachtler, Chair of Cambuslang Community Council, which led one of the BankHUB pilots, said.
Bachtler added that the BankHub has been an immediate success in Cambuslang.
“Very quickly it has generated high levels of use, with excellent customer assessments for the quality of service. The BankHUB has significantly improved local access to cash for residents (especially vulnerable people) and businesses. People no longer have to travel to other towns for banking transactions. Being able to conduct banking business on the Main Street has led people to spend more money in the town centre,” he said.
