A NEW banking hub has been recommended for Cockermouth to provide a 'vital service' following the news earlier this year that no national banks would continue operating in the town.

LINK, the UK’s cash access and ATM network, announced yesterday, October 2 that locals and businesses in Cockermouth will soon find it easier to access 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, a recent Financial Conduct Authority (FCA) rule change led to a reassessment by LINK and the confirmation that a hub will now be provided. 

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.

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 Cockermouth.

"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 Cockermouth have the benefit of a convenient, accessible location to access and deposit cash on the high street.”

Penrith and Solway MP Markus Campbell-Savours said: "It's fantastic news. A huge well done to all those who made this happen. Our high streets are changing, and banking hubs are proving a vital tool in easing the impact of bank closures.

"Whilst it's great news that Cockermouth is being recommended, it's only a matter of time before another town in Cumbria is left without banking services. That is why the new government has plans for 350 banking hubs across the country over the next five years."

Markus Campbell-Savours, MP for Penrith and SolwayMarkus Campbell-Savours, MP for Penrith and Solway (Image: Laurie Noble)

Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. 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 decision will come as welcome news to many in the town, who feared no major banks would be left in Cockermouth, after news broke in January that the Barclays bank on Main Street would close.

Following the announcement of the closure - which leaves only the Cumberland Building Society in Cockermouth, plus fortnightly visits from the Lloyds mobile bank - calls were made for a banking hub in the town by the former Workington MP Mark Jenkinson and former town mayor Julie Laidlow.

To date, LINK has recommended 167 banking hubs. There are currently over 80 banking hubs up and running in the UK.