A new bank is to open in Newquay in the next 12 months once a suitable site has been located.

LINK, the UK’s cash access and ATM network, state industry body Cash Access UK will be delivering a banking hub, which are a shared banking space, similar to a traditional bank branch, but available to everyone.

The hub, when open, will consist of a counter service operated by Post Office employees, where customers of any bank including Bank of Ireland UK, Barclays, Danske Bank, HSBC, Lloyds Bank, NatWest, Santander, TSB and Virgin Money can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

There will be private spaces where customers of banks can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy.

They will be working on a rotating basis, so there will be staff from different banks available on different days. Bank staff will be able to offer advice and support in the banking hubs and direct people to the departments that can sort out problems or resolve any complaints.  

Newquay’s last remaining bank, the Lloyds branch in Chester Road, is earmarked to close on Wednesday, December 4 due to a declining number of customers.

Britain’s banks have agreed to set up 350 “banking hubs” over the next five years to provide face-to-face high street services in the wake of mass closures of local branches.

The commitment is intended to deliver on a Labour manifesto commitment to address the problem of “banking deserts” in many towns.

The rollout of new banking hubs, which began in 2022, has been slower than expected. Currently, 76 are in operation in the UK, according to Cash Access UK, with a further 19 expected to open before the end of the year.  

Adrian Roberts, deputy CEO, LINK, a not-for-profit organisation and governed by an independent Board, which has a clearly defined public interest remit, said: “We’re pleased to recommend this new hub in Newquay.

“Access to cash remains vital for millions of people across the country and the new rules that come into force today mean that people will be able to access cash on the high street for many years to come.” 

Newquay MP Noah Law added: “I’m thrilled to see the announcement that Newquay will receive a new banking hub, particularly after campaigning on this issue following the closure of Newquay’s last bricks and mortar bank branch. 

“Our Labour Government has pledged to over 350 new hubs over the course of the next Parliament, to support our aim of bringing back the high street.” 

City minister Tulip Siddiq said: “Banking hubs are a lifeline for local communities that have lost their final bank branch.”