The LINK initiative, which includes major banks such as Barclays, HSBC, Natwest, Lloyds, and Halifax, is focused on assessing the impact of bank closures and supporting vulnerable customers and small businesses as they transition to cashless payments.

In 2025 alone, 235 branches of major banks in the UK have either closed or announced closures, with 81 of these occurring in January.

This trend is part of a larger pattern, with a total of 1,821 branches closing since February 2022, including 634 closures in 2023 and 500 in 2024.

The closures have affected the entire UK, resulting in the loss of 1,470 branches in England, 194 in Scotland, 109 in Wales, 48 in Northern Ireland, and one in the Isle of Wight.

Despite the shift towards digital banking, LINK's deputy CET, Adrian Roberts, highlights that around five million people still rely on cash, indicating a strong need for continued access to cash services.

Caroline Abrahams from Age UK stresses the urgent need to protect physical banking services, especially for older adults living in rural areas who may struggle with digital banking.

Research from Age UK reveals that the decline of face-to-face banking services disproportionately impacts elderly individuals, particularly those in rural areas, with over four million elderly bank account holders at risk of digital exclusion.

In response to these challenges, the 100th banking hub was opened in December 2024 in Darwen, Lancashire, with plans for additional hubs to be established throughout 2025.

LINK aims to maintain access to cash through banking hubs, post offices, and free ATMs as traditional bank branches continue to close.

Over the past three years, approximately 2,000 bank branches have closed across the UK due to a voluntary agreement aimed at protecting cash access.

On average, the UK has seen about 46 bank closures per month, translating to roughly 11 closures per week.

Nearly 25% of adults feel digitally excluded, underscoring the necessity for maintaining access to cash services as the banking landscape evolves.