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Over the last 10 years almost 6,000 bank branches have closed… meaning the number has halved since 2015. In their place, we were promised 'banking hubs' – high street locations where multiple banks share days of the week. The organisation that runs them, Cash Access UK, promises 100 hubs across the country, but so far there are just over 20 in England, 2 in Wales and none in Scotland or Northern Ireland. Our finance expert Iona Bain has been to find out why they are vital for some over 60s who can struggle with online banking - and how mobile banking vans might be the answer.

To watch this with subtitles, go to ´óÏó´«Ã½ iPlayer and search for Morning Live on 09/02/24.

Cash Access UK has told us that since it launched last year it’s opened 33 Banking Hubs, and they’re proving very popular. It said that while finding a location and setting it up does take time, it’s sorting new leases each week. It plans to have 50 hubs open by Spring, and 100 by the end of the year.

We also contacted UK Finance who represent the banking industry, and it told us as fewer people visit branches, difficult decisions have to be made about closing some of them. It says that’s never done lightly, and only after extensive review. It added that banks are committed to making sure you can access cash, so are investing in banking hubs, free ATMs, and shops offering cashback without purchase. Finally it says you can do a lot of day to day banking at the Post Office.

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