New banking hub for Seaham as town's last bank branch closes its doors

A new banking hub will allow Seaham residents and businesses to access services despite the closure of the town's last remaining High Street bank.

Lloyd's Bank has confirmed today, Wednesday, September 20, that it is closing its outlet in Blandford Place.

But nationwide cash access and ATM network LINK has revealed that it is in talks over plans for a new banking hub which will allow customers of ten High Street banks to continue to access services in the town.

A Llloyd's Bank spokesperson said the closure - which is scheduled for June next year - was a response to falling demand: "As many customers now choose to bank online or through their mobile app, visits to our Seaham branch have fallen over recent years.

"Customers can use the local Post Office for everyday banking, which is a short walk away, access cash at the nearby free-to-use ATMs, alongside other ways to bank such as over the phone and online, or the new Banking Hub once it is up and running.“

Seaham is one of nine locations to be recommended a banking hub today by LINK, alongside Batley (West Yorkshire), Bodmin (Cornwall), Haverhill (Suffolk), Hatfield (Hertfordshire) and Royston (Hertfordshire). Three further hubs have been recommended following community requests in Moreton (Merseyside), Filey (North Yorkshire) and Wath upon Dearne (South Yorkshire).

There are currently seven banking hubs up and running across the UK including Acton (Ealing), Carnoustie (Angus), Brixham (Devon), Cambuslang (Lanarkshire), Cottingham (East Riding of Yorkshire), Rochford (Essex) and Troon (Ayrshire).

In 2021, the banking industry agreed that following the closure of any bank branch, LINK would identify whether a community required further cash services. Additionally, any community without a branch can contact LINK directly and ask to be assessed for support.

Chris Ashton, LINK's Head of Banking Services, said: "We’re very pleased to recommend a new hub in Seaham.

"Access to cash and face-to-face banking services are very important and the banking hub will be vital for local consumers and businesses."

What is a banking hub?

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

The hub 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.

Which banks are involved?

All the main high street banks are part of this work – and many bank and building society customers will be able to use the counter service at the Hubs and get advice, support and information about banking matters. The banks involved are: 

• Bank of Ireland UK
• Barclays
• Danske Bank
• HSBC
• Lloyds Bank
• Nationwide Building Society
• NatWest
• Santander
• TSB
• Virgin Money

When and where will it open?

The banking hub will now be delivered by Cash Access UK.

Over the next few weeks, it will begin to engage with the local community and to start looking for potential sites.

The hub will likely open at the end of next year.