CHEPSTOW GETS UK'S 250TH BANKING HUB AS BRANCH CLOSES

The UK's 250th banking hub has opened in Chepstow, according to HM Treasury, preserving cash withdrawal and face-to-face banking services in the town. Treasury Minister Lucy Rigby officially opened the hub, which HM Treasury says protects access for thousands of local residents and more than 100 businesses. The opening comes ahead of the announced closure of Chepstow's last remaining bank branch next month. Without the hub, HM Treasury says residents would have had to travel eight miles to Lydney to reach the nearest branch. That journey can take around 30 minutes by public transport and cost £4, according to HM Treasury, which it says would create a particular barrier for people who rely on in-person banking services.

The hub allows people to deposit and withdraw cash, deposit cheques and speak to community bankers, and it includes an external free-to-use ATM offering 24-hour access to cash, HM Treasury says. It is owned by Cash Access UK, a not-for-profit organisation that HM Treasury describes as providing shared cash and banking services in areas where traditional branches have closed. Multiple high street banks are represented inside the hubs through rotating community bankers, according to HM Treasury. Banking hubs have also opened in other Welsh towns, including Holyhead, Prestatyn and Porthcawl, HM Treasury says.

HM Treasury says the Chepstow hub forms part of a manifesto commitment to deliver at least 350 banking hubs during this parliament, with 250 now open. The government department describes the wider programme as an effort to improve access to banking services across the UK as branch closures continue. HM Treasury frames the hub as supporting local business growth as well as maintaining resident access to cash. No further hub openings or locations beyond those already named were specified in the government's statement.