With interest rates at 5.25 per cent, it has become increasingly hard to press the case for investing over cash. Many people see saving as risk-free although it isn't because of the erosive power of inflation at 6.7 per cent. Hubs are shared branches that customers of all the big banks can use to do basic banking such as deposit and withdraw cash. Unlike banking rivals, Nationwide sees branches as places to do business, not as financial millstones. Quite understandably, it now sees no reason to support Cash Access UK when all the benefits of banking hubs (cost savings) go to the banks.

Source: Daily Mail November 12, 2023 13:04 UTC