OTLEY has been chosen as the location of a new banking hub.

The move follows an announcement by Halifax that it will close its branch in Kirkgate, Otley this September.

A Halifax spokesperson: "Visits to our Otley branch have fallen over recent years, as many customers now choose to bank digitally. When the branch closes, customers can use the local Post Office for everyday banking which is a short walk away, access cash at the nearby free-to-use ATMs, alongside other ways to bank such as over the phone and online, or the new Banking Hub once it is up and running."

The Halifax spokesperson said that 81 per cent of its personal customers already use other ways of banking, such as over the phone or internet banking, as well as other branches.

They also said that branch transactions at the Otley branch had fallen more than 74 per cent between 2017 and 2022.

The nearby Post Office, which is a four-minute walk away on Nelson Street, offers personal and business customers everyday banking services, access to cash, paying in of cheques, and more.

The nearest free-to-use ATM is a short walk away (0.17 miles), and there are four free-to-use ATMs within one mile of the closing branch.

Customers can use any Halifax branch for their banking, alongside other options such as the Post Office, online, mobile and telephone banking.

The spokesperson said: "We’re contacting customers to let them know about the alternate local banking services available."

Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. The hub 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.

The banking hub will 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. The hub will likely open in early 2024.

Chris Ashton, Head of Banking Services, Link: "We know the way we pay for things and bank is changing. Yet not everyone is able to bank online or use digital payments. Many consumers and small businesses still rely on face-to-face banking and cash. That’s why we’re pleased to confirm Otley has been selected for a banking hub.”

In 2021, the banking industry agreed that following the closure of any bank branch, Link will identify whether a community requires further cash services. Additionally, any community without a branch can contact Link directly and ask to be assessed for support. After receiving a request from the Otley community, Link has recommended the hub as part of a commitment to protect access to cash. There are currently four banking hubs up and running across the UK including Brixham (Devon), Cambuslang (Lanarkshire), Cottingham (East Riding of Yorkshire) and Rochford (Essex).