London Daily

Focus on the big picture.
Thursday, Aug 06, 2026

High street banks commit to cash access guarantee amid branch closures row

High street banks commit to cash access guarantee amid branch closures row

LINK, the UK's biggest cash machine network, will be given £4m in start-up funding by major banks to get the joint venture up-and-running, Sky News learns.

Britain's biggest high street banks will next week unveil a venture guaranteeing access to cash amid a furore over the closure of thousands of branches across Britain.

Sky News has learned that lenders including Barclays, Lloyds Banking Group and NatWest Group have agreed to fund the joint provision of cash services in communities which face being left without them.

Details of the project will be disclosed alongside the publication of a report on the Community Access to Cash Pilot programme, which has involved testing a range of services in eight locations.

NatWest is also among the banks involved


Industry sources on Friday described the commitment that would be unveiled next week as "unprecedented".

It is expected to cost the major banks millions of pounds annually to run.

Nevertheless, the project is being established on a voluntary basis and one insider said there was a desire for the Financial Conduct Authority to give the participating banks a statutory duty to provide continued access to cash.

The new joint venture would involve LINK, Britain's biggest cash machine network, conducting an independent assessment of prospective branch and ATM closures in the context of a local community's cash needs.

The criteria used to make the assessment would include a location's population density and its level of economic activity.

Where any closures would imperil access to cash, new services such as the provision of a shared face-to-face outlet could be commissioned.

TSB recently announced the closure of 70 more branches


This may be achieved through additional banking services in Post Office branches, or a new shared bank hub or kiosk.

LINK is to be handed £4m in start-up funding by the banks, which also include HSBC and Santander UK, to get the project off the ground, the insider added.

Although cash usage is dwindling, largely because of online payments, there remain serious concerns about the impact on elderly and vulnerable people.

The new commitment from the major banks is expected to take effect immediately.

The industry's latest wave of branch closures was announced last month by TSB, which said it would close 70 of its 290 locations across the UK.

"In recent years, the bank has seen a significant decrease in branch use, with the average number of transactions per branch falling since January 2019 and no prospect of branch transactions returning to pre-Covid levels," it said.

This week, the consumer group Which? demanded an immediate moratorium on further branch closures, citing analysis suggesting that banks "may be rushing to close branches before solutions to protecting access to cash can take effect".

In a letter to the members of the Cash Action Group, Which? called for the kind of independent assessment of impacted communities' cash needs that the joint venture appears to be ready to provide.

Which? also said that a summary of such assessments should be made public, with banks forced to pause their branch closure programmes until legislation to preserve access to cash has been implemented.

The issue of branch closures has become a toxic one for the banking industry since the aftermath of the 2008 financial crisis, when the sector was saved from collapse by the provision of hundreds of billions of pounds of state financial support.

Lenders have repeatedly cited dwindling branch usage and the soaring take-up of digital banking as trends which have made large swathes of their physical branch infrastructure redundant.

A number of commercial ventures, including OneBanks, have emerged with the objective of ensuring continuity of access to banking services for the customers of all lenders.

A spokesman for the Cash Action Group declined to comment on Friday.

Newsletter

Related Articles

0:00
0:00
Close
Lightning Strike Kills Yala FC Player During Match in Southern Thailand
Senate Scrutinises AI-Driven Personalised Pricing
Spain Seeks Mainland Transfers for 1,100 Children Stranded in Ceuta
UK Government Pushes New Procurement, Skills and Technology Policies Amid Economic Pressure
UK Charity Commission Investigates Donations Linked to Israeli Settlement Groups
UK Government Faces Pressure Over Possible Windfall Tax on Bank Profits
South East Water Provides Emergency Support After Kent Supply Disruptions
UK Defence Supports US Operation to Seize Russian-Flagged Oil Tanker in North Atlantic
Green Party Wins First Westminster By-Election Seat in Historic Gorton and Denton Victory
UK Farmers Face Rising Bluetongue Disease Cases Among Sheep Flocks
UK Government Warns Retailers and Fuel Suppliers Against Exploiting Price Pressures
Apple, AI Deepfakes and New UK Rules Highlight Growing Digital Regulation Challenges
UK Education Department Expands Fully Funded Apprenticeships for Under-25s
National Crime Agency and Spanish Police Arrest Scotland’s Most Wanted Fugitive in Madrid
UK Labour Government’s Devolution Plans Renew Debate Over Written Constitution
EY UK Forecasts Weak Growth in 2026 as Energy Risks Continue to Pressure Households
Apple Challenges UK Government Demand for Access to Encrypted iCloud Data
UK Government Considers Public Inquiry Into Jeffrey Epstein Network and Institutional Links
Cabinet Office Reforms UK Government Procurement Rules to Prioritize Local Jobs and Skills
UK Energy Security Faces Pressure From Middle East Conflict and Red Sea Disruptions
UK Government Expands Employment Discrimination Review Amid Labour Market Changes
UK Campaigners Call for Ban on Toxic Flea Treatments Linked to Water Pollution
MI6 Ranked Europe’s Leading Foreign Intelligence Service in Independent Review
Houthi Missile Attack on Saudi Oil Tanker Raises Further Red Sea Shipping Concerns
Palantir Faces UK Tax Criticism After Paying Two Million Pounds in Corporation Tax
Advanced AI Models Show Unexpected Behaviour During UK Cybersecurity Testing
Bank of England Introduces Tougher Artificial Intelligence Testing Rules for Financial Firms
Next Raises Annual Profit Forecast to One Point Two Four Billion Pounds After Strong Summer Sales
New UK Visa Rules Tighten Skilled Worker, Student and Family Migration Routes
UK Government Proposes New Equal Pay Enforcement Powers for Employers
UK High Court Blocks Home Office Deportation Policy for Alleged Trafficking Victims
UK Health Secretary Yvette Cooper Announces Major Reform of NHS Maternity Services
BP Reports Four-Year High Quarterly Profit of Five Point Seven Billion Dollars Amid Energy Market Turmoil
Bank of England Holds Interest Rate at Three Point Seven Five Percent as UK Growth Remains Weak
Spain and Morocco Trade Blame After 72,000 Migrants Enter Ceuta
Met Police Investigated Journalist Who Questioned Cambridge Professor
Badenoch Defends Tory Candidate Jailed for Antisemitic Abuse of Luciana Berger
NHS Spends £240m a Year Storing Paper Records Despite Digital Push
Apple Seeks Court Order to Stop OpenAI Using Alleged Trade Secrets
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Comcast: Tied to a Chair and Hit in the Face With Cake: The Regular Humiliation Ritual at the US Corporate Giant
Aston Martin Faces Legal Threat Over £550m Rescue Deal
Conservative Party and Reform UK Face Growing Scrutiny Over Political Transparency
GMB and Public Sector Unions Prepare for Wider Debate Over Government Priorities
UK Government Faces Pressure to Address National Water Infrastructure Failures
NHS Radiographers Report Rising Racist Abuse From Patients
Breast Cancer Experts Call for Overhaul of NHS Diagnostic Approach
UK Government Reviews Prison Policy After Debate Over Capacity and Public Safety
Nigel Farage Faces Questions Over Leadership Discussions and Five Million Pound Donation
×