It was recently announced that a new deal, known as "Banking Framework 3", has been struck over the future of cash.
Customers of 32 UK banks, building societies and credit unions will be able to continue to use post office counters for basic banking until January 2026 at least.
This deal is significant in securing the future acceptance of cash, meaning individuals and small businesses can withdraw and deposit cash to their accounts at 11,500 post office counters.
Sian Williams, Director of Policy and Innovation at Toynbee Hall, welcomed the announcement:
Cost of living increases are already hitting Uk households hard. Despite the increasing shift to digital payments, cash budgeting is still the only money management tool which gives people complete control to the last penny.
That makes cash the safest option for anyone who simply can’t risk going overdrawn or having a larger-than-expected bill payment being debited from their bank account. This announcement will mean that people living on the most precarious incomes can continue to deposit and withdraw cash, for free, close to home or where they shop, and so continue to pay for goods and services in cash, giving them greater control and confidence about avoiding debt in an environment of spiralling costs.
The full list of signatories to the new agreement is:
- Barclays
- Lloyds
- HSBC
- Santander
- NatWest
- RBS
- TSB
- Halifax
- Adam & Co
- Allied Irish Bank
- AIB
- Bank of Ireland
- Bank of Scotland
- Cahoot
- Cashplus Bank
- Coutts
- Co-op
- Danske
- First Direct
- Handelsbanken
- Metro
- Nationwide
- Smile
- Starling Bank
- Thinkmoney
- Ulster
- Virgin Money
- Yorkshire Bank
- Clydesdale Bank
- CAF Bank
- Incuto
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