Our story
The way people bank is changing.
Cash has been in steady decline as people increasingly pay for goods and services digitally. Back in 2006, cash accounted for 62% of payments. It’s predicted that by 2031 this will be down to just 6%.
Supporting people through these changing times is crucial so that no one feels left behind and people continue to have access to cash and choice and comfort in how they manage their money. That's why our Members came together to set up Cash Access UK.
The Access to Cash Review
Our story began in 2019 with the Access to Cash Review, which accelerated efforts to address cash concerns in the UK.
The review conducted a lot of research into payment methods, trends, consumer needs and behaviour, and the financial and economic drivers of the cash economy. It looked at global trends in cash usage and met policymakers and market participants in Sweden – then the most cashless country in the world.
It found that although cash use in the UK was in rapid decline, we were simply not ready to go cashless: over 8 million adults would struggle to cope in a cashless society. The review also challenged government and industry to take steps to avoid sleepwalking into a cashless society to avoid leaving millions of people behind.
The Community Access to Cash Pilots
Soon after, one of the major banks suggested that it join forces with other providers, consumer groups and communities to explore new ways to protect cash access that worked better for communities and were more sustainable for the industry.
Pilots took place in 8 communities during 2020 and 2021. They tested shared banking hubs, three different types of cashback, faster and easier cash deposits for small businesses, OneBanks kiosks, coin recycling and refurbished Post Offices. Every community also had a free-to-use ATM.
The pilots found that:
- Different services worked well in different communities - and there is no 'one size fits all'
- Improving local access to cash helped save people time and money - and for many people on low incomes, the impact was transformative
- Small businesses benefit significantly from local, reliable deposit services. They also welcome the wider benefits of better access to cash including increased footfall and regeneration
- It was possible for banks to share premises, and where they did, banking hubs met the widest range of needs in the community.
The Cash Action Group
Building on the findings of the pilots, in May 2021 the major banking firms came together once again with leading consumer groups to form the Cash Action Group.
It designed a new framework to protect cash access over the longer term. In December 2021 the Group announced a landmark agreement under which every community affected by a branch closure would have its cash access needs assessed independently by LINK. Any new services would be provided by a new, not-for-profit company: Cash Access UK, which was established a year later.
Find out more about LINK's independent decision-making process.
The Financial Services and Markets Act 2023
Alongside industry's efforts to protect cash access, the government has introduced a new law to protect, for the first time, reasonable cash access through withdrawal and deposit facilities. The new Act also gives the Financial Conduct Authority responsibility for overseeing the maintenance of a well-functioning cash system.
The Act received Royal Assent on 29 June 2023 and new regulations came into force on 18 September 2024.