UK banks form independent non-profit company to provide cash access, deposit and basic banking services where they are needed, across the country

The UK’s top banks have clubbed together to pay for the development of shared banking hubs across the country.

Nine of the UK’s largest high street banking providers (Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander, Virgin Money, Danske Bank and TSB) created Cash Access UK Ltd, an independent non-profit company which will help to protect cash access in UK communities.

UK Finance has played a leading role in the launch of Cash Access UK Ltd. The new entity has been set up to provide cash access, deposit and basic banking services where they are needed, across the UK.  

The incorporation of the company, which has been supported by UK Finance from the beginning, „is a major milestone in delivering the industry’s commitment to ensure that customers will continue to be able to readily access cash on the High Street” – according to the press release. It follows extensive industry collaboration over eighteen months, led by UK Finance to align with forthcoming legislation and regulation by the Financial Conduct Authority.  

David Postings, Chief Executive of UK Finance, said: „While many people are now opting to manage their money digitally, we want to ensure that people can continue to access cash and do their banking face to face too. The creation of Cash Access UK Ltd is an important step towards a network of banking hubs across the country. So far 29 hubs have been announced and the industry is fully behind getting these up and running as quickly as possible.„