Cash Access to open Stamford banking hub as Lloyds announces closures of 46 branches

A new banking hub is to open after it was confirmed another high street bank was leaving town.

LINK, a not-for-profit organisation, says the hub, which is open to all bank customers, will launch in Stamford before the High Street branch of Lloyds closes on January 20 next year.

It follows Wednesday’s announcement by Lloyds that it is to close another 49 branches across the UK.

“The way people are banking has changed, as more than ever, customers are choosing to manage their money through our app,” said a Lloyds spokesperson.

“Customers can use the nearby local Post Office for everyday banking, and access cash at free-to-use ATMs. Customers can also manage their money on our app, online, by calling us, or at the new Banking Hub once it is up and running.“

Stamford has lost a number of major banks in recent years, with Barclays closing its branch in April 2023 and HSBC shutting its doors less than a month later.

The town’s branch of Halifax then followed suit last year, with banks putting the closures down to changing customer habits and the popularity of digital banking apps.

The Stamford hub will provide a counter service, operated by Post Office employees, for customers to withdraw and deposit cash, pay bills and carry out regular transactions.

Private consultation rooms will also be available for customers to meet with community bankers from their own bank. It will work on a rotation system, with staff from different banks available on different days.

The hub will be run by Cash Access UK, which is funded by major high street banks to provide essential services to communities and will now begin the search for a location.

It usually takes around 12 months for a hub to be ready to open, but can take longer, and Cash Access would look into temporary solutions if there are significant delays.

In total, 244 banking hubs have been recommended to date, with a hub opening in Oakham in April last year inside the former Lloyds Bank building.

Stamford is the sixth hub to be announced in Lincolnshire following Sleaford, Mablethorpe, Barton-upon-Humber, Brigg, and Market Rasen.

“While more people are switching to digital banking and payments, we know that many people still rely on and choose to use cash,” said Chris Ashton, chief commercial officer for LINK.

“That’s why we’re delighted to recommend Stamford as one of 11 new hubs today.”

For more details, visit https://www.link.co.uk/initiatives/bank-branch-closures/