LINK, the UK’s Cash Access and ATM network, has today confirmed that Cowes will be the first town on the Isle of Wight to benefit from a new banking hub.
The town has been recommended a hub following a community request from Richard Quigley, MP for Isle of Wight West.
Banking hubs are shared banking spaces, similar to a traditional bank branch, but available to all banking customers.
When opened, 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 work on a rotating basis, so there will be staff from different banks available on different days.
Cowes’s recommendation follows a community request to LINK, who determined that the town requires additional cash services to support local businesses and banking customers.
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.
To date, LINK has recommended 179 banking hubs across the UK. Alongside Cowes, LINK has today recommended two more hubs following community requests. These will be located in Crewkerne (Somerset) and Barnard Castle (County Durham). More than 100 hubs are open across the UK.
Dr Chris Ashton, Chief Commercial Officer at LINK said:
“We’re delighted to recommend a new hub in Cowes.
"There are over 100 hubs open across the country and when it opens, the Cowes banking hub will provide a vital service for the local community and high street.”
Richard Quigley, MP for Isle of Wight West, added:
"During the election campaign, I had many people complain about the lack of banking facilities in Cowes.
"After meeting with Adam Wilkinson at LINK, he suggested I put in a review request - I am over the moon it has been successful.
"The government is committed to providing local communities with the facilities they need to thrive and a banking hub is part of that commitment. Thank you to LINK for acting so quickly."
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