Which? has called for the launch of banking hubs and free access to cash as banks continue to close branches across the country.

According to Which?, 587 bank branches have closed this year with another 75 scheduled for closure before the end of 2022. The consumer choice advocate noted that a further 60 are scheduled for closure in 2023.

Jenny Ross, money editor at Which? said that banking hubs would ensure that the cash needs of local communities are met. However, she also said that the rollout of banking hubs is taking too long and that they need to open as soon as possible.

“Our figures show how the number of bank branches and free-to-use ATMs has been slashed in recent years, so it’s vital that new legislation protects free access to cash for the millions of people who rely on it,” Ross said.

She added: “The government must guarantee minimum levels of access without fees being charged and give the Financial Conduct Authority powers to oversee the cash system to ensure it meets community needs.”

Last year, Which? called for an immediate pause on bank branch closures to protect access to cash. It raised concerns that banks were rushing to close branches before solutions to protecting access to cash could take effect.

In February 2022, NatWest announced the closure of 32 branches across England with 11 of them operating under the RBS brand.

In March 2022, HSBC announced it was closing 69 bank branches across the UK, while Barclays has earmarked 18 branches for closure.

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