UK banking industry commits to supporting customers who depend on cash

Barclays Bank, Coventry Building Society, HSBC UK, Lloyds Banking Group, Nationwide Building Society, NatWest Group, Santander UK, and TSB have all signed up to the commitments. 

UK Finance said that the move provides certainty that cash access will be available for individuals and businesses to both withdraw and deposit cash, now and in the future.

The commitments ensure that the financial institutions will ensure that cash will be available for those who need it, particularly small businesses, the elderly and vulnerable, when they need it. 

While also supporting the Community Access to Cash Pilots, working together to consider possible models for future access to cash which address changing access requirements and meet the needs of customers and communities and protecting current critical infrastructure until a viable alternative is available.

The firms will also establish and maintain a framework to enable early identification of potential cash ‘cold spots’.

According to UK Finance’s Payments Market report, an estimated 9.3 billion cash payments were made in 2019. Research from the University of Bristol shows that people currently find it easy to access cash near the places where they use it, like retail hubs.

The research shows that consumers currently already use a variety of different ways to access cash, including ATMs, cashback and the Post Office, with 95% of the UK’s high streets having free access to cash within 250 metres and all having free cash access within one kilometre.

Last month saw the launch of the independent Community Access to Cash Pilots, first established by the industry, which are supported by the major banks, consumer and SME groups, the Post Office, and LINK. The Pilots are supporting eight communities across the UK to trial and test different ways to allow people access to cash.

The pilots will run for the next six months, during which time we will establish an Access to Cash Action Group which will develop industry proposals for how access to cash could be protected in the long term.

David Postings, chief executive at UK Finance, said: “The banking and finance industry is committed to making sure there is access to cash for those who need it as we recognise that cash is still an important way to pay for many. It is fantastic news that the government has moved swiftly to allow cashback without purchase which, alongside other initiatives, will help customers who might be less confident using other types of payments.”