Thetford will receive the new banking hub as part of new rules introduced today by the Financial Conduct Authority to support access to cash in communities.
The hub was recommended by LINK, the UK’s cash access and ATM network, following the announcement that Lloyds and Halifax would be closing their branches in the town next year.
But the hub is not expected to open for another 12 months as Cash Access UK, who will deliver the hub, begin the process of looking for a suitable location.
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Terry Jermy, MP for South West Norfolk, said: “Thetford has already lost Barclays, Nat West and HSBC from the high street and is due to lose Lloyds and Halifax as a result of recent announcements.
“I welcome this reassessment by Link and support the creation of a new banking hub.”
Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone.
They consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.
In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy.
Adrian Roberts, deputy chief executive of LINK said: “We’re pleased to recommend this new hub in Thetford.
“Access to cash remains vital for millions of people across the country and the new rules that come into force today mean that people will be able to access cash on the high street for many years to come.”