Frome group 'thrilled' to get new banking hub

Sam Evans has been campaigning for a banking hub in Frome for more than a year

A Somerset community group says it is "exceptionally pleased" that a banking hub will be opening in Frome.

Prosper Frome was set up in the hope of opening a community banking hub in the town.

Its new banking hub is one of 15 to have been announced on the day stricter rules over branch closures and access to cash take effect.

Banking hubs are a shared space, similar to a traditional bank branch, but available to everyone.

Frome has lost a number of its bank branches in recent years

Sam Evans, from Prosper Frome, said: " It's absolutely amazing. I think it will make a big difference to our high street. It's going to be fabulous."

The new rules mean hubs can open even if there is another operator in town.

They will have a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash.

There will also be private spaces where customers can speak to community bankers from their own banks who will operate in the hub on different days.

The new hub will delivered by Cash Access UK, who will now begin the process of looking for a location in Frome.

Sam Evans from Prosper Frome said: "We're really hoping that Cash Access will look at this as an opportunity to do something more innovative and maybe look at reimagining the banking hub as a community space.

"The hub might include other providers such as Citizens Advice or other debt advice organisations so it is a real asset for Frome."

HSBC closed its Frome branch in 2023

Frome has lost almost all of its bank branches in recent years, with Halifax the latest to close.

Under the new rules, banks and building societies must now assess whether areas have reasonable access to cash when they close branches.

TSB was due to close in September but will remain open.

In a statement TSB said: "These regulations require banks to keep facilities open until additional cash services are available so our branch will remain open until that is in place next year."

The Liberal Democrat MP for Frome and East Somerset, Anna Sabine said: "Access to banks is a crucial element to any thriving community and following the announcement of the closures of all banks in the town, I shared in concerns of local residents and businesses that we needed to ensure adequate provisions were made."

Ms Sabine added: "I welcome the news that Frome will maintain this access."

The new banking hub is expected to open in 12 months' time.