Woodbridge to gain new LINK banking hub as Lloyds announces it will close next year

Woodbridge is set to gain a new banking hub ahead of it losing its final branch next year.

Lloyds, in The Thoroughfare, will close on June 25, 2025, the company revealed yesterday.

Following this news, cash machine network LINK has announced it will set up a hub in the town.

Its counter will be operated by Post Office employees.

Chris Ashton, LINK’s chief commercial officer, said the group was pleased to recommend the new hub.

“Many people locally still need cash and this hub will play a crucial role in helping them access it on the high street,” he said.

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

A location has yet to be determined, but a spokesman for LINK said the firm hoped to have the new hub open before Lloyds closes.

Woodbridge’s Barclays shut on December 3.

In the wake of this, there were calls to set up a banking hub to serve residents, which was refused.

Banking hubs are shared spaces available to everyone and are typically set up in places with no remaining branches.

Customers from any bank can withdraw and deposit cash, pay bills and carry out transactions.

It will also feature a private space where people can speak to community bankers from their own bank.

Banks will operate on a rotating basis, so there will be staff from different banks on hand on different days.

In addition, they offer free cash points, typical Post Office counter services, free deposits and small-to-medium business services as well as the opportunity for cashback.

LINK currently manages 60 banking hubs across the UK.

It has recommended that 146 be set up in total.