Banking hub for Newland Avenue as Lloyds Bank – last branch in area – to close

A new banking hub will open to serve the Newland Avenue area, following the news that the last surviving, dedicated bank in the neighbourhood is due to close.

Lloyds has announced plans to close its long-standing branch at the corner of Newland and Goddard avenues on January 14 2025. The company blamed the move to online banking and a decline in personal and business transactions over the counter.

Instead, a new banking hub will be set up by LINK, which manages Britain’s cash access and ATM network. Staff from various high street banks, will staff the hub on a rotating basis.

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LINK said the new hub would serve the wider “Newland” area, but it is understood that it is likely to be set up in or near Newland Avenue. Potential sites are now being considered, with an opening date around this time next year.

Banking hubs have already opened in Hornsea and Cottingham, with further branches likely to open in Withernsea and Hessle in the coming months. Customers of any bank are able to withdraw and deposit cash, make bill payments and carry out regular banking transactions. High street banks involved in the hubs include Barclays, Lloyds, Nationwide, NatWest, Santander and TSB, among others.

Nick Quinn, the head of financial inclusion at LINK, said, “We are pleased to recommend this new banking hub for the local community in Newland. Many people are reliant on cash, and it is essential that we preserve access to cash and the opportunity for basic banking for communities across the UK. We are certain that this new hub will secure these services for the residents of Newland.”

Lloyds said the Newland Avenue branch was due to close because “most customers are now using our mobile app, internet banking or calling us instead”. The company said that, between 2018-23, over-the-counter transactions fell by 29 per cent for personal customers and 54 per cent for business customers.

A Post Office, located on the opposite corner of Goddard and Newland, will also continue to offer banking services.