LINK, the UK's cash access and ATM network, has announced it is recommending a banking hub open in the town.

Following the announcement of the closure of the Lloyds branch in Warwick, LINK has confirmed the town will benefit from a new banking hub as "part of a wider commitment to protect access to cash".

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.

To date, LINK has recommended 146 banking hubs. There are currently 60 banking hubs up and running in the UK.

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 will start to look for potential sites. The hub will likely open in 12 months' time.

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Chris Ashton, chief commercial officer, LINK: "We're pleased to recommend this new hub in Warwick.

"Many people locally still need cash, and this hub will play a crucial role in helping them access it on the High Street. 

"We're determined to make sure that, as we all choose new ways to pay, people who use cash in places like Warwick have the benefit of a convenient, accessible location to access and deposit cash on the high street."