Eight new banking hub locations have been confirmed following an announcement from ATM provider LINK.

They are part of a total of 50 hubs across the UK announced by the provider and are a direct result of bank branch closures as well as community requests.

John Howells, CEO of LINK, said: “The eight banking hubs we have recommended today will become part of the fabric of the High Street.

"Those that have opened so far have had a ringing endorsement from local residents and businesses, and LINK is proud to recommend services for these communities.”

What is a banking hub?

A banking hub is a shared banking space that operates like a bank branch but is open to everyone rather than just the bank's customers, according to LINK.

The hub provides basic banking services including counter services run by the major banks and the Post Office.

There are also dedicated rooms where customers can see community bankers from their own bank to discuss more complicated matters that might require specialist knowledge or privacy.

It is also where customers of almost any bank can withdraw and deposit cash, make bill payments and carry out other regular banking transactions. 

They operate by having bank staff working on rotation so there should be trained specialists from different banks available on different days. 

All the main high street banks are involved in the project including Barclays, Lloyd Bank, HSBC, Natwest and more.

Where are the new banking hubs going to be?

The new eight banking hubs will be in the following locations:

  • Downham Market (Norfolk)
  • Shirebrook (Derbyshire)
  • Otley (West Yorkshire)
  • Sidmouth (Devon)
  • Newton Aycliffe (County Durham)
  • Porthcawl (Bridgend)
  • Withernsea (East Yorkshire)
  • Wellington (Somerset)

At the time of writing, there are only four banking hub locations that are currently open to the public including in Brixham (Devon), Cottingham (East Riding of Yorkshire), Cambuslang (Lanarkshire) and Rochford (Essex).

How to make a request for a banking hub

There are two methods that can lead to the creation of a banking hub.

The first is when a participating bank or building society makes a change to its network by closing a branch or reducing its opening hours and notifying LINK in advance.

LINK will then assess the location’s needs by studying what other services are available locally as well as other factors like the location size from its population and number of shops.

A community can also request that LINK carries out a review itself by filling out a form via LINK's website.

Using the same criteria, LINK will independently assess the community's needs and make a decision based on its findings.

The criteria that LINK uses have been developed and agreed upon after extensive consumer and small business group input, and are operated independently of the banks, LINK has explained.

For more information and to make a community review request, visit the LINK website.