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Frome eligible for new deposit service with closure of TSB

Frome has been assessed as eligible for a deposit service, following the announcement that the Frome branch of TSB will close its doors in September. This stops short of the community banking hub that Propser Frome and Frome Town Council, among others, have lobbied for since the closure of HSBC, Barclays and Natwest in 2023. Prosper Frome offer advice, support and signposting on financial matters, in addition to calling on central government to recognise the value of banking and post office counter services for Frome.

Frome has been supported in this regard by Sarah Dyke MP, who raised the issue at a Parliamentary debate on 14th May. Citing the concerns of elderly residents in particular, Sarah Dyke asked government to support rural communities in triggering the banking hubs that will provide much-needed face-to-face services.

Frome Town Council’s Economic Development and Regeneration Manager, Peter Wheelhouse presented to the House of Lords’ Built Environment Select Committee on 7th May, the day before TSB’s announcement. He reiterated the longstanding concerns of Frome Town Council, Prosper Frome and the community of Frome, about the loss of high street banks and post offices, along with sharing ways in which the Council has supported the development of the Cheese and Grain and The Frome Independent. Peter Wheelhouse said:

“We’ve been lobbying for the establishment of a community banking hub in Frome for some time, to provide easy access to face-to-face cash and banking facilities for residents and businesses. In the wake of the recent announcement from TSB, the LINK group, who operate community banking hubs, recently confirmed that Frome now meets the necessary criteria for a deposit service. This is a step in the right direction, but with only Nationwide left open in Frome Market Place, which does not open after 4pm, or at weekends, we don’t believe it’s sufficient for our residents’ needs. We will keep working with Prosper Frome and Sarah Dyke MP, redoubling our efforts to establish a community banking hub in Frome.

Find out more about Prosper Frome at https://www.prosperfrome.org/. Watch the recording of Peter Wheelhouse at the House of Lords’ Select Committee for the Built Environment on 7th May at https://bit.ly/peter-wheelhouse-select-committee-070524.

17 May 2024
Last Updated
17 May 2024
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