An East Lancashire town will soon benefit from a new banking hub that will be implemented to give residents protected access to cash.

LINK has confirmed the banking hub will be set up in Barnoldswick,and it follows the announcement the Barclays branch in the town will close in April, leaving the town without a high street bank branch.

In 2021 it was agreed that following the closure of any bank branch, LINK will identify whether a community requires further cash services, and any community without a branch can contact LINK and be assessed for support.

READ MORE: Barclays in Barnoldswick to close leaving town with no bank

Banking hubs are shared banking space, similar to a traditional branch, but available to everyone.

The hub will consist of a counter service operated by Post Office employees where customers of any bank can withdraw and deposit cash, make bill payments, and carry out regular banking transactions.

Additionally, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy.

Lancashire Telegraph: The banking hub in Cottingham opened before ChristmasThe banking hub in Cottingham opened before Christmas (Image: H/Advisors)

There will be a rotation policy meaning staff from different banks will be available on different days.

The banking hub will be delivered by Cash Access UK and they will begin to engage with the local community over the next few weeks and start looking for potential sites.

Nick Quin, head of financial inclusion at LINK, said: “We know the way we pay for things and bank is changing. Yet not everyone is able to bank online or use digital payments.

“Many consumers and small businesses still rely on face-to-face banking and cash. That’s why we’re pleased to confirm Barnoldswick has been selected for a banking hub.”

Andrew Stephenson, MP for Pendle, said: “I welcome LINK’s interest in supporting a shared banking hub in Barnoldswick, following the deeply disappointing decision from Barclays to leave the town and West Craven without a single bank branch.

“I will be looking forward to working with LINK and others to maintain some form of banking provision in the town.”

Lancashire Telegraph: Rochford in Essex has had a banking hub since 2021Rochford in Essex has had a banking hub since 2021 (Image: H/Advisors)

There are currently four banking hubs up and running in the UK: Brixham in Devon; Cambuslang in Lanarkshire; Cottingham in East Riding of Yorkshire; and Rochford in Essex.