Access To Cash

I know how important access to cash is for many people across North East Fife. Whether it’s withdrawing cash, paying in cheques, making deposits or managing accounts, brick-and-mortar banking services remain vital - particularly for those who are less able to rely on digital alternatives.

Yet over the past few years, banks have been closing at an alarming rate. The Bank of Scotland branch in St Andrews, due to shut its doors in the coming weeks, is just the latest example. Each closure makes it harder for people to access the services they need close to home.

With both banks and post offices disappearing, pop-up banking hubs are not a luxury, they are essential. However, they remain far too few and far between. I’ve created a map showing the availability of cash and banking services across North East Fife, and it clearly illustrates how limited provision has become. Many of these services operate only a few days a week, with some open for as little as two hours. That simply isn’t good enough and leaves many people, particularly those who are less digitally confident, without proper access to essential services.

You can view the map here: https://www.mapcustomizer.com/map/Access%20to%20Cash%20NEF

I was pleased to receive confirmation that the banking hub in Anstruther will be permanent. It provides a fantastic service for the community, but I have pressed for clarity on who will oversee its delivery and when a permanent location will be secured. You can read more about this here:https://www.fifetoday.co.uk/news/people/mp-welcomes-announcement-on-future-of-fife-towns-banking-hub-5468031

In Cupar, I applied to LINK - the organisation responsible for assessing access to cash - for a banking hub. My application was rejected on the basis that the nearest bank, the Bank of Scotland in St Andrews, is supposedly just “20 minutes away”. As many locals know, that simply doesn’t reflect reality when relying on public transport. I decided to put this claim to the test, and the journey took significantly longer than LINK’s assessment suggests.

You can hear more detail in my video here:

I have consistently raised access to cash in Parliament too; in December, I spoke about how essential in-person banking is for our high streets and communities - particularly in places like Cupar and Leven.

I pressed the Government to commit to reviewing the criteria used to determine where banking hubs are located. Ministers often talk about headline numbers - 350 hubs planned across the UK - but numbers alone mean very little when communities continue to lose the last bank in town. The criteria set by the Financial Conduct Authority (FCA) must reflect real need on the ground, not just tick-box formulas.

In response, Ministers confirmed that banking hub locations are determined independently through LINK and that responsibility for the criteria rests with the FCA. They also said they would continue engaging with MPs on this issue.

Following the debate, I attended the Government’s banking hub surgery to push the case for North East Fife directly. It was a useful opportunity to challenge the current system and reinforce just how important accessible banking is for rural and coastal communities like ours.

Access to cash and in-person services is not a luxury, it’s a lifeline. And I will continue to fight to ensure that people and businesses in North East Fife get the fair access they deserve.