LINK: Peterlee and Houghton-le-Spring to receive new banking hubs

Following closures announced by Lloyds Banking Group, LINK has confirmed that both towns will benefit from new banking hubs as part of a wider commitment to protect access to cash.

Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. When opened, the hubs will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions. In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.

The news comes as LINK has also today confirmed its 200th banking hub recommendation in Penistone, South Yorkshire. Peterlee and Houghton-le-Spring are the seventh and eighth hubs to be recommended in County Durham by LINK. This follows a hub opening in Newton Aycliffe, with hubs in Barnard Castle, Crook, Ferryhill, Spennymoor and Stanley set to open later this year.

The banking hubs will now be delivered by Cash Access UK. Over the next few weeks, it will begin to engage with the local communities and will start to look for potential sites. There are currently 105 hubs open across the UK.

Dr Chris Ashton, Chief Commercial Officer, LINK: “While more people are choosing to bank and pay for things digitally, we know that many people still rely and choose to use cash and face-to-face banking. That’s why we’re delighted to recommend new hubs in Peterlee and Houghton-le-Spring. There are over one hundred hubs open across the country and when they open, the Peterlee and Houghton-le-Spring banking hubs will be vital for the local communities and high street.”