Banks to make a return to Rasen

Market Rasen, used to have four banks, but all have since closed with the last shutting its doors in 2020.

Now, thanks to a community request from local councillor Stephen Bunney, LINK has confirmed the town will benefit from a new banking hub as part of a wider commitment to protect access to cash.

Market Rasen is one of five towns across the UK due to receive a banking hub in LINK’s latest round of announcements.

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).

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 Market Rasen community, LINK has recommended the hub.

Chris Ashton, Head of Banking Services, LINK said: "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 Market Rasen has been selected for a banking hub.”

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.

In addition to new banking hubs, other new innovations such as deposit services, and cash at the till, which allows retailers to provide free access to cash to consumers, are beginning to appear across the country.

The 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 is likely to open in early 2024.