BUDE is set to receive a new banking hub despite previously being deemed unsuitable for the resource.

LINK, the UK’s cash access and ATM network, has announced that locals and businesses in Bude will soon have easier access to banking services thanks to a recommendation for a new banking hub in the town.

While the town had not previously met the criteria for a banking hub, the recent FCA rule change led to a reassessment by LINK and the confirmation that a hub will now be provided.

Following the FCA’s recent announcement of the new rules to protect access to cash, LINK has been reassessing previously proposed locations to see if they now qualify for a banking hub. The new rules build on previous voluntary arrangements put in place by the banking industry and, for the first time, will be enshrined in law. The reassessment confirmed that Bude will benefit from a new banking hub as part of a wider commitment to protect access to cash.

Banking hubs have become ever-more common across the Southwest as towns in Devon and Cornwall see their mortar banks close their doors, opting instead for primarily online services.

Earlier this year, it was announced that TSB in the town’s centre would be closing its doors by May 2025. However, the hope is that these new hubs will pick up the services that banks such as this would previously have provided.

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

LINK has explained that the hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions. 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.

The banking hub will be delivered by Cash Access UK, and over the next few weeks, the organisation will begin to engage with the local community and will start to look for potential sites.

It has been suggested that the hub will likely open in 12 months’ time.

Nick Quin, head of financial inclusion, at LINK said: “We’re pleased to recommend this new hub in Bude. Many people locally still rely on cash, and this hub will play a crucial role in helping them access it on the High Street.

“We’re committed to making sure people who use cash in places like Bude have the benefit of a convenient, accessible location to access and deposit cash on the high street.”