People in Ystradgynlais can once again access face-to-face banking services on their high street following the opening of a new shared banking hub.
The Cabinet Secretary for Social Justice and the Cabinet Secretary for Finance and Welsh Language welcomed the opening and visited the hub this week, meeting staff and local people who are already benefiting from the new facility.
The hub has opened in a building that had stood empty since the last local bank closed in September 2023. Customers can access a staffed counter, operated by Post Office staff, to deposit and withdraw cash, pay in cheques and carry out everyday transactions. They can also book appointments with specialists from their own bank for support with more complex banking needs.
LINK, the organisation responsible for assessing communities for banking hubs, identified Ystradgynlais as a suitable location following a local campaign. The town has a high number of retailers who rely on cash daily, alongside a significant number of older residents and people who do not use digital banking services.
Ystradgynlais Shared Banking Hub operator, Manjit Sanghera, said:
“What really delights me is when I see the joy on the face of so many local customers as they walk into this branch for the first time. I quickly realised how pleased our customers are to have got their banking services back in their local town centre.”
Around 5 million people across the UK still rely on cash every day, with many feeling more confident managing their money face-to-face. Banking hubs support these customers while helping to sustain local high streets and small businesses.
There are now 12 shared banking hubs open across Wales, with three more in development. These complement enhanced Post Office services and initiatives undertaken by LINK with free cash ATMs and building societies in Wales, including commitments to retaining face to face branches. Whilst Shared Banking Hubs are a UK Government initiative, with 350 targeted for this parliamentary term, the Welsh Government supports financial inclusion by providing support to credit unions and facilitating cross sector collaboration.
The Cabinet Secretary for Social Justice, Jane Hutt, said:
“Everyone is concerned about the cost of living and wants access to financial support and advice. Facilities like this are crucial in our communities. We are not a cashless society, and access to face-to-face services is vital for people’s health, wellbeing and financial security.”
The Cabinet Secretary for Finance and Welsh Language, Mark Drakeford, said
“The new hub in Ystradgynlais shows how we can bring essential services back into the heart of our towns. When communities lose their banks, it affects local businesses and residents alike. Shared banking hubs help keep places like Ystradgynlais thriving, and we welcome the commitment to expanding this network across Wales.”