Axminster is one of 13 locations to have been earmarked for new shared banking hubs.

The closure of bank branches across the country has raised concerns about access to cash for those who need it and difficulties in banking for small businesses. 

At shared banking hubs, run by the Post Office, customers of any bank can access their accounts, deposit cash and cheques, and withdraw money at any time. Other enquiries are dealt with by representatives from each of the major banks who each visit once a week.

Running costs of shared banking hubs are the same as a small branch, but are shared between different banking groups that use it.

The announcement that a shared banking hub will be coming to Axminster follows news that the town's last remains bank branch, Lloyds, will close later this year. 

Axminster was selected after considering factors such as the cash needs of the community, how easy it is to travel to the nearest alternative service, and the demographics and vulnerability of local residents.

Prior to today's announcement of 13 new locations, ten other areas were previously identified for shared banking hubs, but the doors have yet to open on any of their new hubs.

It can take months for new hubs to open as suitable premises have to be found and changes often need to be made to ensure it is fully accessible and secure enough for banking services.