Hertford Road chosen to host London’s third banking hub, a shared space where customers of any bank can withdraw cash and speak to advisors

An existing banking hub in Scotland (credit Link)

Eastern Enfield has been chosen as one of four locations around the UK that will benefit from a new ‘banking hub’ as a way to “protect access to cash”.

The facility in Hertford Road will become the third of its kind launched in London by Link, the UK’s cash access and ATM network. Banking hubs are a shared banking space, similar to a traditional bank branch, but are available to everyone.

The Enfield North constituency area, which includes parts of the east of the borough such as Enfield Highway where many bank branches have closed down in recent years, was identified by Link as a place where cash is not easily available for local residents.

Enfield North MP Feryal Clark has long called for better access to cash along Hertford Road, following the closure in 2021 of the Barclays branch in Enfield Wash and the Santander branch in Enfield Highway – which she said had entrenched “socio-economic divides” in the borough.

Ironically, Enfield Town became home to the world’s first cash machine in 1967, and the Barclays branch which launched it was granted listed status earlier this year.

The new banking hub in Hertford Road, whose exact location has yet to be decided, will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions. In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.

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Feryal Clark said: “Enfield North was the home of the world’s first cash machine. However, despite this, in recent years several bank branches have closed their doors for good, leaving many of my residents with no access to a bank. That’s why today’s news that a banking hub has been granted for our community in Enfield North is so important.

“This will provide residents and local businesses with access and support to manage their money without having to travel for miles. I’ve worked tirelessly to make the case for banking facilities for our community, and I look forward to seeing the banking hub open as soon as possible.”

Other new banking hub locations announced this week by Link include Hessle in the East Riding of Yorkshire, Swansea in Wales, and Auchterarder in Scotland.

In 2021 it was agreed by the banking industry agreed that following the closure of any bank branch, Link would identify whether the community requires further cash services. Additionally, any community without a branch can contact Link directly and ask to be assessed for support.

Enfield’s banking hub will now be delivered by Cash Access UK. Over the next few weeks, it will begin to engage with the local community and to start looking for potential sites. It’s then hoped to open in 2024.

Chris Ashton, head of banking at Link, said: “For people and businesses who rely on cash and face-to-face banking, travelling to Enfield [Town] is not always convenient or possible, therefore I’m pleased we’re able to make the recommendation for a banking hub.”

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