Newmarket to receive new banking hub

A new banking hub is to be opened up in Newmarket.

It is set to be operated by LINK, the UK’s cash access and ATM network, and follows the announced closure of the town’s Lloyds Bank branch.

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

When opened, the hub will consist of a counter service where customers of any bank can withdraw and deposit cash and make bill payments.

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.

Newmarket is the sixth banking hub to be recommended in Suffolk with hubs in Hadleigh, Haverhill, Leiston, Mildenhall and Woodbridge already open. 

The announcement comes as one of 15 banking hubs announced today (Wednesday, February 11), the other recommendations include Armthorpe (South Yorkshire), Clevedon (Somerset), Didcot (Oxfordshire), Ebbw Vale (Blaenau Gwent), Heswall (Wirral), Hinkley (Leicestershire), Honiton (Devon), Mexborough  (South Yorkshire), Mumbles (Swansea), Ringwood (Hampshire), Skelmersdale (Lancashire), Stoke-on-Trent – Longton (Staffordshire), Street (Somerset), and Wednesbury (West Midlands).

 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 will start  to look for potential sites.

Chris Ashton, the chief commercial officer at LINK, said:  “While more people are choosing to bank and pay for things digitally, we know that many people still rely on and choose to use cash.

“That’s why we’re delighted to recommend the new hub in Newmarket.

“There are over 214 hubs open across the country and when  it opens, the Newmarket banking hub will be vital for the local community and high street.”