A town in Cornwall left with no high street banks or a post office has been recommended to get a new cash and banking hub.

The new Deposit Solutions Hub would see a return of banking facilities to Redruth.

Since the closure of the Lloyds Bank in October 2022 , Halifax in May 2023 and then the town’s post office in July of that year, Redruth Town Council has been working with Link UK and the Post Office to reinstate banking and cash services, in particular for business banking.

The town has now been recommended as a location for a Deposit Solution Hub, which will be a facility to pay in and withdraw cash and undertake simple banking transactions.

Town Mayor Councillor Stephen Barnes said: “This is great news for Redruth as both residents and businesses have felt the loss of our last bank and the Post Office and the lack of access to cash.

“It’s testament to the work done behind the scenes by the town council and Link UK that we have had the recommendation and now we can’t wait to work with Cash Access UK to implement the Deposit Solutions Hub.”

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Full details are yet to be confirmed but the town council will now work with Cash Access UK to decide on the location for the hub and confirm timescales.

In the meantime, the town council has said it will continue to work with the Post Office to restore post office services to Redruth town centre.

In March last year it was announced that Helston was to get a community banking hub, after the closure of Lloyds left it without any banks to service the town and neighbouring Lizard Peninsula.

Seven months after the first announcement, it was confirmed in February that preparations were now underway for the facility to open this month (March) at a temporary home, due to delays in its permanent location.

Although the permanent location for the hub has yet to be revealed, a manager for Cash Access UK assured members of Helston Town Council that the hub would be in the town centre and would typically have a six to ten-year lease, and that once up and running the hub would be open Monday to Friday between 9am and 5pm.