Permanent cash banking hub to be installed in town

Teignmouth residents will be able to use the hub for cash transactions five days a week

Residents of a south Devon town will be able to access cash banking five days a week when a new permanent hub opens later this year.

The banking hub in Teignmouth will mean customers of nine high street banks can carry out cash transactions between 09:00 and 17:00 on weekdays.

The town will become the fourth place to have a banking hub in Devon and will be operated by the Post Office on behalf of not-for-profit company Cash Access UK.

Gareth Oakley, CEO of Cash Access, said the hub was "a big step forward" for Teignmouth and promised to "keep the community updated as it progresses".

The company currently operates a temporary banking hub in the local Post Office, which it said would remain open while it was "working hard" to fit out the new premises in Bank Street.

Cash Access, which is funded by nine of the largest UK banks, said despite a decline in the use of cash "between five and six million adults say they rely on cash in their day-to-day lives".

The hub would also offer a community banker service where customers can talk to their own bank about more complicated issues one day a week.

This service will be available to customers of NatWest, HSBC, Lloyds, Santander and Barclays.