Once there were four banks in Settle. Over the last few years they have gone, one by one. The last, HSBC closed its doors to us on 5 September 2023. Despite representations from residents, Julian Smith MP and Settle Town Council who held a meeting with a senior representative from HSBC earlier that year, there was no going back on the decision which was first announced in November 2022.
The closure came on top of the loss of Barclays, Lloyds and NatWest in the previous five years.
The demise of Settle’s HSBC was one of 114 branches closed last year and received national publicity when the Daily Express ran an article on ‘closure day’ under the headline ‘40mile cross-country trek in store as town loses last bank’. The article highlighted the negative impact the closure had on residents both in Settle and in the surrounding areas as far away as Hawes.
Now steps are underway to secure a banking hub for the town.
Since 1986, significant numbers of bank branches in the UK have closed. Data from the British Banking Association (BBA) from 1986 to 2012 and the Office for National Statistics (ONS) from 2012 to 2023 revealed that the number of bank branches in operation in the UK fell from 14,689 in 1986 to 5,745 in 2023. Over the same period, the number of operating building society branches fell from 6,954 in 1986 to 1,925 in 2023.
But many communities have responded positively, campaigning against the closures and securing short term ‘pop up’ banking services (as we have in Settle).
It has also resulted in the growth of banking hubs which have been opening up in the UK. These hubs, operated by the Post Office, offer shared cash and banking services to customers of the UK’s major banks. This includes personal and business banking and facilities for some bill payments. They also comprise a counter service (also operated by the Post Office) in addition to private spaces where customers can speak to someone from their own bank.
Our nearest banking hub, which recently opened following a campaign led by the local chamber of commerce and widely supported by local residents, is in Knaresborough.
A small delegation from Settle paid it a visit in March to see how it operated and to learn just how the community succeeded in getting it. They also met a representative from the local chamber and the manager of the banking hub who provided useful background and operating information.
Age UK North Craven organiser and member of the Settle and District Chamber of Trade Jonathan Kerr described the visit as ‘inspiring’. He said: “It was so positive to see the Knaresborough Banking Hub, it felt like a local bank branch, but stripped back and without the posters trying to sell products.
“People were coming in to do simple transactions and to see their bank’s member of staff. It was busy and felt relaxed, the Hub was able to be supportive of the town and the residents, it brought together the banks in a central and very accessible space and complemented the local Post Office.
“Settle would benefit so much from having one, and for us we could also try and get another ATM (cash machine) as part of the package and give Settle more resilience and choice.”
