I visited a banking hub to see if it really can replace a high street bank as mass branch closures hit high streets

FOR millions of us, a walk down our local high street paints a grim picture – empty bank branches standing as silent reminders of a bygone era.

The decline in high street banking has left many communities without convenient access to essential services.

But last month, I visited Acton to try out a new service aiming to reverse this depressing trend.

The vibrant suburb of West London is one of many areas across the UK where local bank branches have become relics of the past.

Major banks like Barclays, HSBC, NatWest, Santander, and TSB have all closed their doors here, forcing residents to travel to neighbouring districts of London to do their basic banking.

The once-bustling bank sites now stand vacant, their windows plastered with forlorn posters advertising services that are no longer available.

Since January 2015, banks and building societies have shuttered 6,128 branches, according to consumer group Which?.

The ATM network LINK reports that an additional 215 branches will close between now and August 2025.

But in the midst of this banking exodus, a new service is stepping up in an attempt to fill the void.

“Banking hubs” promise to bring essential banking services back to communities like Acton.

These innovative brick-and-mortar services, run by the Post Office on behalf of various banks, ensure that people still have access to in-person banking.

Just this morning, ATM network LINK announced that an additional 15 locations have been added to a list of 71 banking hubs set to open in the future.

The hubs have representatives from a number of different banks in one place.

But are these hubs a viable alternative? That’s what I was in Acton to investigate.

FIRST IMPRESSIONS

At first glance, the site in The Oaks Shopping Centre appears just like any other bank branch.

It features an ATM for free cash withdrawals, seats and side tables stocked with paying-in forms, and a dedicated meeting room to the left for consultations between staff and customers.

But what truly sets this place apart for me is the atmosphere inside.

The hub has a cosy, welcoming feel – totally different from the cold, impersonal vibe I’m used to in traditional bank branches.

Plus, on entry I’m greeted by the cashier at the desk at the far end – something I’ve never experienced when visiting one of my own bank’s branches.

There’s a noticeable lack of advertising in the room, too.

In fact, the only bit of advertising I see is for the Post Office, which runs these branches.

However, what truly sets these branches apart is the ability to make cash and cheque deposits at a counter, regardless of which bank you use.

On the wall to my right, I’m greeted by 12 different cheque deposit slips, from 12 different banks.

Opposite this is a private meeting room where customers can consult with staff representing their banks about more complex matters.

On this day, HSBC has a member of its branch team on site to help local customers.

These community bankers can help with tasks ranging from changing your card PIN to setting up new payments or transfers.

At first glance, it seems as though I have everything I could possibly need in one place.

I must admit, I’m not one for cash and I don’t use it every day.

However, I fully appreciate its importance for many people and the need for local deposit services.

This is especially important for local businesses and tradespeople who need to do a nightly bank drop.

And, it means those in the locality no longer need to venture far from home to do this.

It takes me less than two minutes to hand over two £20 notes to the branch worker, insert my debit card into the chip and PIN reader, and bam – the money lands in my account.

But this is just one of a handful of services on offer here.

I speak with one visitor who is a customer of HSBC, Barclays, and Santander, all of which have closed their branches in the local area.

She tells me the local Banking Hub is a “lifeline” for the entire community, adding: “This should be a requirement in every town centre without a bank branch.

“I’ve come in today because one of my bank apps wouldn’t process a cheque I’d uploaded.

“Thankfully, I can still pop down the road and get it deposited here.

“I’d have had to travel three miles away to do this without the Hub,” she adds.

Another visitor praises the help she received after being shown how to set up her banking app.

Unlike traditional bank branches, which more often than not have been reducing their opening hours, Banking Hubs offer a great deal of flexibility.

All sites are open Monday to Friday between 9am and 5pm.

However, selected branches, includin Acton’s Hub also open up to customers on a Saturday between 9am and 1pm.

MORE HUBS ON THE WAY

There are currently 76 operational banking hubs, with another 87 in the pipeline.

However, Britain’s banks agreed last week to establish 350 more hubs over the next five years.

Under the deal reached between the Treasury and banks, approximately 230 hubs will be opened by the end of 2025, with the remaining 120 to be rolled out by the end of the parliamentary term – around 2029.

The location of banking hubs is determined by LINK and Cash Access UK, which review communities based on various criteria, including the number of shops in the area, transport links to the area, and local levels of deprivation.

Cash Access UK is a not-for-profit organisation owned and funded by major banks.

From the day a hub is recommended for an area, it typically takes around 12 months for it to open to the public.

THE PITFALLS

If you primarily rely on basic banking services such as cash and cheque deposits, withdrawals, and payment transfers, Banking Hubs are excellent.

However, they don’t cover everything, and you’ll still need to visit one of your bank’s branches for more complex needs.

The community banking services appear useful on paper, but they have significant limitations.

For example, while a customer can enquire about products like credit cards or mortgages, that’s all they can do – enquire. 

To sign up for a new card or take out a loan, you’d still need to visit one of your bank’s branches.

Of course, a lot of these products can be taken out online, but understandably not everyone has the capacity to do this.

Plus, you may find that your bank might not provide a community banker at your local Hub, after all their not forced to do so.

While Banking Hubs are starting to bridge the gap with traditional high street bank services, they still have some way to go before they can fully replicate all services.

ALTERNATIVES TO BANKING HUBS

There are still a number of ways people can access basic banking services without having to venture to another town with a branch.

You can use one of the Post Office’s 11,684 branches to perform basic banking tasks — but not to open new bank accounts or take personal loans and mortgages.

You can find your nearest Post Office branch by visiting postoffice.co.uk/branch-finder.

Meanwhile, many banks offer a mobile banking service – where they bring a bus to your area offering services you can usually get at a physical branch.

Other banks use buildings such as village halls or libraries to offer mobile banking services.

It’s worth contacting your bank to see what mobile services they have available, and when they might next be in your area.

In June, it was announced that new “super ATMs” would be launched in 17 UK locations where branch closures have left residents without access to essential banking services.

The ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash.

Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank are already signed up to allow deposits at the super ATMs, with more banks set to sign up soon.