Banking hub to open after town loses branches

Banking hubs are designed to help those who regularly use cash

A banking hub will soon open in a town that has lost all of its banks.

Like many small towns, Nailsea in North Somerset was left with only the local Post Office after the last bank, Lloyds, closed its doors for good in February this year.

The new hub will offer a range of services with representatives from different banks rotating from day to day.

Cash Access UK, which runs the hubs, will be looking at potential sites in the town ahead of opening in 12 months time.

Cllr James Turner said the hub will help residents get the services they need

The announcement follows a successful application from Cllr James Turner on behalf of Nailsea Town Council.

Cllr Turner said he was "really pleased" the new hub will be coming.

He added "It will ensure that Nailsea residents get access to the banking services they need in the future.”

Nick Quin, Head of Financial Inclusion at LINK, the organisation responsible for processing applications, said: "We’re always pleased to hear from the local community about their high street."

He said after visiting Nailsea earlier in the year, he was "pleased to confirm" the new hub.

What is a banking hub?

Banking hubs offer face-to-face services in communities that have lost their high street bank branches.

The hubs are owned by Cash Access UK and run by the Post Office in partnership with nine major high street banks - including Lloyds.

They can be used for paying in and withdrawing cash, paying bills and getting change for businesses.

You can also get face-to-face meetings with your bank for more specific enquiries, though this depends on whether a representative from your bank is on that day.