Frome is set to receive a new banking hub, a development that has been met with enthusiasm from local residents and community groups. The hub, which will offer services from multiple banks, is expected to open within the next 12 months.
LINK, the UK’s main cash machine network, confirmed the establishment of the banking hub after new regulations changed the eligibility criteria for banking hubs nationwide.
Community group Prosper Frome and the town council, along with other groups, have lobbied for a banking hub since the town lost its branches of HSBC, NatWest and Barclays in 2023.
Town councillor Anne Hills, who also serves on the board of Prosper Frome, expressed her delight at the announcement: “We’re delighted to hear that Frome will be getting the banking hub it needs so much. Frome, like so many towns in the UK, has been badly affected by the decline of high street banks. In the absence of banks, the hubs provide vital services for local people and businesses. This applies in particular to older people or those affected by digital exclusion. Now, the work must begin to find the right location for the hub, and Frome Town Council looks forward to being involved in the implementation of this much-needed facility.”
The new banking hub will consist of a counter service operated by Post Office employees, enabling customers from any bank to withdraw and deposit cash, make bill payments, and conduct regular banking transactions.
A spokesperson for Prosper Frome added, “We’re absolutely delighted that Frome has been chosen for this new banking hub. This is exceptional news for our community. We see this as an opportunity not just to provide essential banking services, but to create a true community banking hub. We hope that LINK and Cash Access UK will take this opportunity to do something innovative and work with community stakeholders to look at how it could also house vital financial support services from local groups like Citizens Advice Bureau (CAB), debt support initiatives, and the Mendip Credit Union. By working together, we can ensure that this hub serves the diverse financial needs of our residents while fostering financial education and inclusion.”
The town was initially set to receive a banking deposit service, which was criticised by the town council as falling short of the required provision. LINK has now confirmed that the decision has been made to upgrade the service to a full banking hub.
Frome MP Anna Sabine also welcomed the news, saying, “I am delighted to hear that LINK has reassessed the need for a banking hub in Frome. Access to banks is a crucial element of any thriving community, and following the closure of all banks in the town, I shared the concerns of local residents and businesses about the need for adequate provisions. I welcome the news announced today that Frome will retain this access and that LINK will continue to play an important role in the local economy.”
