Newcastle Building Society brings banking back to Gosforth High Street with “ground-breaking” new branch concept

In a UK-first, Newcastle Building Society has revealed plans for a “ground-breaking” branch pilot to help meet everyday banking needs and restore access to cash in bankless communities in the region.

The North East’s largest building society plans to install a OneBanks Hub multi-bank transaction terminal at its Gosforth High Street branch, allowing customers to access their account whichever bank it is provided by.

The pilot initiative, initially in two branches, will allow personal and business customers of all major banks to withdraw cash, deposit coins and notes, move funds and pay bills at the Society’s Gosforth High Street branch and at its new community branch in Knaresborough, North Yorkshire, which is set to open in the next three months.

In February this year, another high street bank closed its doors in Gosforth, and Knaresborough lost its last bank in 2021. The terminals provide access to all banks on the Open Banking network, meaning customers of all the major UK banks will be able to use the service.

Newcastle Building Society chief executive officer, Andrew Haigh commented: “We champion the high street, and believe in its vital role in supporting vibrant local economies.

“Decisions made by banks have been at the expense of many vulnerable people who are reliant on cash and, as a result, risk being disenfranchised from the financial system.

“We are proud to be the first to bring this unique proposition into mainstream financial services. It will provide customers with a supported digital banking facility, convenient access to cash withdrawal and deposits for people whose bank branch is no longer either local, or convenient.

“We have a growing business and an ongoing multi million-pound investment and innovation programme in upgrading and expanding our branch network to offer superb, modern environments for our growing customer base across the North East, Cumbria and North Yorkshire.”

It is expected that the first OneBanks Hub-branded terminals within Newcastle Building Society branches will be fully operative later this year.