Residents in a west Suffolk town with no bank branches will find it easier to access banking services as a new hub is set to open.
LINK, the UK’s cash access and ATM network, has announced that Mildenhall will soon be home to a new banking hub following a community request for an access to cash review.
Banking hubs are shared banking spaces which are similar to traditional bank branches but which can be accessed by everyone.
Lloyds bank in High Street announced its closure in 2021. (Image: Google maps)
There will be counter services operated by Post Office employees, where customers of any bank can withdraw and deposit cash, as well as make bill payments and carry out bank transactions.
There will also be private spaces where customers can speak to community bankers from their own banks, which will work on a rotating basis.
Nick Quin, head of financial inclusion at LINK, said: “We’re very pleased to recommend a new hub in Mildenhall.
“There are millions of people in the UK who are not ready to go cashless and prefer to conduct their banking face-to-face.
“If a community believes that it needs additional cash services, they can contact LINK directly and we can assess whether we can recommend new services such as a cash machine or banking hub.”
The Barclays branch in Mildenhall closed in June 2023 (Image: PA)
Hubs can be recommended by LINK through a community request or following the announcement of the closure of a bank branch in a location.
Successful recommendations are determined by factors including the number of shops in the area, demographics, and the proximity to other banking services.
LINK has recommended more than 100 banking hubs, including one in Haverhill, with 34 set up across the UK and dozens more set to open.
The hub, which will now be delivered by Cash Access UK, will likely be open in a year.
The Barclays branch in Mildenhall closed in June 2023, and Lloyds bank in High Street announced its closure in 2021.
