Bank hub to replace town's last High Street branch

Santander is set to close its branch in North Walsham later this year

A banking hub has been planned for a rural town which is set to lose its last High Street bank.

Santander's branch on Market Place, North Walsham, Norfolk, is expected to close later this year.

North Norfolk's Liberal Democrat MP, Steff Aquarone, said he was told the branch would remain open until a banking hub was established by the company Link.

Banking hubs are spaces shared by high street banks, where staff work on a rotating basis throughout the week.

On Wednesday, Santander announced it was to close 95 of its branches across the UK - including in North Walsham - putting 750 jobs at risk.

"I am alarmed and distraught for the team at Santander in North Walsham who are set to lose their jobs when the bank closes," Aquarone said.

"I have been campaigning for banking hubs for three years, launching petitions and speaking on the topic in Parliament to highlight the importance of efficient local banking services for local people.

"I am pleased that I have now secured a second banking hub, this time in North Walsham – it is a busy town with bustling businesses, and I know that residents here need regular access to cash and services."

Aquarone campaigned for a banking hub in Holt which opened last month

Banking hubs already exist in Watton, Downham Market, Holt and Harleston.

Two further hubs are planned for Thetford and Wymondham.

North Walsham's banking hub will be delivered by Cash Access UK.

Santander said the changes were due to a "a rapid movement of customers choosing to do their banking digitally".

A company spokesperson added: "Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers."

It remains unknown exactly when Santander will close in North Walsham.

However, the company said it would begin closing UK branches from June.

The number of bank branches in the UK fell from 13,345 in 2012 to 7,400 in 2023, according to the Office for National Statistics.