The initiative is led by Cash Access UK, a not-for-profit organization funded by major banks. The hub will be located within the town's Post Office, and representatives from different banks will be available on alternate days.
The town lost its last remaining bank when Lloyds closed in December 2022. The temporary hub is expected to open in the coming weeks, with a permanent one planned for March 2024.
This move is seen as a positive development for the community, as residents currently have to travel to Swindon for banking services, which can take up to an hour and a half, compared to the 20 minutes it used to take when there was a local bank.
Business owners and residents in Royal Wootton Bassett believe that having a local banking hub will save time and make financial services more accessible, especially for the elderly population.
Cash Access UK aims to establish over 90 such hubs across the UK, with 30 of them slated to open by the end of 2023. These hubs are expected to provide a convenient way for people to access cash and engage with bank representatives in their communities.