Cash in the capital: how easy is it to find a bank in London today?

Local TV

Despite widespread digital payments, many Londoners still rely on cash — but with branch closures rising, shared banking hubs could be key to keeping it within reach.

Transcript

00:00In London, the story is somewhat different. Although residents typically enjoy very high

00:05physical cash access in terms of proximity, the scale of branch closures and ATM declines

00:11has been steep. For example, the number of free-to-use ATMs in London fell by around

00:1630% in recent years. A briefing notes that by April to June 2024, 97.3% of the urban population

00:25nationally were within one mile of a deposit-capable branch or alternative cash service. But this

00:32statistic conceals pockets of the capital where high footfall and rising rents mean branches

00:38vanish. A regional snapshot shows many London small businesses and market traders continue

00:44to accept cash even as payments move digital, so ensuring local cash access remains important.

00:50With branch numbers falling fastest in some high-cost areas, policymakers stress the need

00:55for shared banking hubs and strong support for vulnerable customers.

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