Hornsea has been named among 13 locations around the country that have been earmarked to receive new banking hubs.
The town has been without banking services since NatWest and Lloyds closed their branches in 2018.
It follows an agreement, achieved through the Access to Cash Action Group (CAG), between the major retail banks to share services, ensuring long-term cash availability across the UK. Communities deemed to be most affected by the loss of core cash services, such as a bank branch or ATM, are independently assessed by LINK, and Hornsea was announced in the latest round of rollouts.
It is not clear when the hub will open as suitable premises will need to be identified and the local community consulted on the process.
A banking hub is a shared branch service that operates like a standard bank branch, with a counter operated by Post Office staff where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular transactions.
Customers will also be able to access representatives of their own bank for advice and support as each of the banks will be providing trained staff on rotation.
Hornsea resident and local businessman Mark Bond, of Southorpe Services, said: “It’s absolutely fabulous – I hope it comes off, as I personally think it would be well used. Going to Beverley or Bridlington to do any banking is a drag, plus I lose valuable hours from my day.”
Another Hornsea resident who did not want to be named said: “I would certainly use the banking facilities as it’s an absolute disgrace that the banks have been allowed to leave Hornsea, especially with all the houses being built around the town.
“Do they realise that if you use the banks in Hull, Beverley or Bridlington, this takes business and trade out of Hornsea because you invariably spend money in these places on shopping or meals out. And there are the extra costs incurred in getting buses or the extra petrol – and why should I update my steam-powered computer to do internet banking?
“I was a loyal Lloyds Bank customer until they moved out of Hornsea – afterwards I changed all my banking to another provider.”
Beverley and Holderness MP Graham Stuart said: “It’s great news for my constituents in Hornsea that the town has been earmarked by UK Finance as one of the 13 new financial hubs in the UK.
“I know elderly and vulnerable residents in particular felt abandoned when the high street banks shut up shop, and this new hub will go some way to restore everyday banking needs.
“It’s important the hub is open for business soon and I’m in contact with UK Finance to do everything I can to help them.”