Cash Access UK, the organisation responsible for ensuring access to banking services, announced that the new hub will be situated on Bank Street.
The hub had been operating temporarily at the town's Post Office on Den Road since June.
With the permanent site now secured, work will soon begin to prepare the premises. The new hub will feature a counter service managed by the Post Office, allowing customers from all major banks to conduct regular cash transactions, Monday through Friday, from 9 am to 5 pm.
Gareth Oakley, CEO of Cash Access UK, expressed his satisfaction with the development, stating, "It’s great news that we have secured a location for the permanent Banking Hub in Teignmouth. It’s a big step forward, and we’ll keep the community updated as it progresses."
Securing a convenient and accessible town centre location has taken time, but Cash Access UK, which includes nine major high street banks, is "delighted" to have found a permanent site. The temporary hub at the Post Office will remain open until the Bank Street premises is fully operational.
In addition to standard services, the new hub will offer a community banker service, allowing customers to meet with representatives from their own banks for more complex issues on specific days. In Teignmouth, community bankers will be available as follows: Monday - NatWest, Tuesday - HSBC, Wednesday - Lloyds, Thursday - Santander, and Friday - Barclays.
Cash Access UK will continue to provide updates on the progress of the permanent hub through the Teignmouth Banking Hub webpage.
Including Teignmouth, there are currently four banking hubs operating in Devon, with locations in Axminster, Brixham, and Sidmouth. A new hub in Dawlish is expected to open soon at a temporary site in the Strand Centre.
Teignmouth was selected for a banking hub after LINK, the UK’s cash access and ATM network, identified a need for improved cash deposit services following a series of bank branch closures in the town. The last remaining bank in Teignmouth, Lloyds, closed its doors in July, having postponed its closure from April to allow more time for the banking hub to become operational.
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