Fifth community banking hub in Cornwall comes to Newquay

It was revealed today that Newquay is set to become the fifth hub opened in the Duchy by Cash Access UK. 

The announcement comes as part of a wider UK initiative to open 15 more hubs nationwide, ensuring access to essential banking services for communities.

There are currently 81 banking hubs that operate across the UK, providing a vital lifeline for those who prefer or rely on cash transactions.

Each hub offers a variety of services, including counter services operated by the Post Office and rotating staff from banks to provide support for complex issues in private spaces.

The new banking hub in Newquay will provide financial assistance to residents and businesses (picture of Helston Banking Hub) (Image: Smart Commercial Property) In Cornwall, there are four hubs which are now open. These are Helston, Looe, Bodmin and Saltash, with more planned for other areas.

The new hub in Newquay follows Helston’s Banking Hub, which is opend in the former Barclays building in March last year but is currently looking for a new temporary location, as well as a permanent.

This search stems from the upcoming lease of the current temporary location on Coinagehall Street.

You can read more about this here: What's next for Helston Banking Hub? Temporary base up for rent next month

The UK Banking Hubs were announced as a new access to cash rules overseen by the Financial Conduct Authority (FCA). Under the rules, banks and building societies must assess whether changes to local services, such as closing branches or cash machines, leave local communities lacking ways to take out or pay in cash.

Link will be carrying out community assessments under the new rules. The organisation said it will be able to recommend banking hubs where there is still one bank or building society branch in town, where it might not meet the needs of businesses and consumers.

Adrian Roberts, deputy CEO of Link said: “Today is an important moment for the millions of people across the country who either rely on or prefer to use cash regularly.

“The new rules that have come into effect today are great news for consumers and businesses and will ensure that access to cash continues to be available on our high streets for years to come.”

The new banking hubs in the UK will be at the following locations: 

Sidcup, London

Normanton, West Yorkshire

Hailsham, East Sussex

Frome, Somerset

Sheerness, Kent

Whitley Bay, Tyne and Wear

Rugeley, Staffordshire

Newquay, Cornwall

Market Harborough, Leicestershire

Thetford, Norfolk

Monmouth, Monmouthshire, Wales

Morecambe, Lancashire

It was also revealed in March that Redruth would be getting a new Deposit Solutions Hub to see a return of banking facilities in the town. 

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.