UK Bank Improves Access to Cash
Mar 18, 2024
Recognising the importance of cash to a free and fair economy, HSBC UK has installed the first of ten Cash Pods aimed at improving access to physical money in areas that lack banking facilities due to local branch closures.
The standalone pod offers fee-free withdrawals for both customers and non-customers, and people who bank with HSBC will also be able to make deposits. Located in Nailsea, North Somerset, its installation pre-empted the closure of the region’s last bank in February.
We fully understand a community’s need for access to cash and are excited to be launching our first Cash Pod in Nailsea. This marks the start of a new initiative for HSBC UK as part of our strong focus on maintaining and improving our local presence, alongside digital and remote banking.
The locations of the other nine pods are currently being finalised, but are expected to include a farm shop, car parks and shopping centres, with many being powered by solar panels. Internal cash recycling (using deposited money for withdrawals) will be implemented to reduce the frequency of refills and enhance the pods’ sustainability.
The initiative joins Cash Access UK—a non-profit funded by nine major banks—in actively addressing the need for improved access to cash in communities without banks. One of their partners, the Post Office network, reported record demand for its cash services throughout Britain in January, saying its 11,500 branches that offer banking handled £3.37 billion worth of cash deposits in January alone, an increase of over £140 million compared to the same period in 2023.