Proposals to set up a banking hub to combat the number of branch closures in a Suffolk town have been refused.

Woodbridge Town Council had applied to LINK for a review of the community's access to banking facilities, which could have led to a Cash Access UK Banking Hub being set up in the town.

The hubs offer easy access to face-to-face cash and banking services across the UK.

READ MORE: Review could lead to new banking hub in Woodbridge Suffolk

However, in a reply to the council, Emma Pople, LINK's financial inclusion officer, said that as there was currently a branch of Lloyd's Bank open in the town, the community had a 'suitable level of access to cash provision'.

But she added: "Should Lloyds close in the future, LINK will automatically review the community for access to cash and make a recommendation at that time."

On Friday, banking giant Barclays closed its Woodbridge outlet, which followed on from the closure of the town's HSBC branch in August 2022.

READ MORE: Barclays announce the closure of the Southwold branch

The losses have left Woodbridge with just a Lloyds branch and two Post Office counters that operate services for the banks that have withdrawn from the town.

Customers from Ipswich have been advised to travel to Woodbridge while the Cornhill Lloyd's branch is closed for health and safety reasons.

Woodbridge town councillor Robin Sanders had called for the council to apply for the LINK review.

READ MORE: Woodbridge news

He said the decision not to proceed with the banking hub would make it just as difficult for charities to pay in money as for older residents who found it difficult to access banking facilities online.

"I think it is a pity. I understand where they are coming from in one way because we have got quite a few towns in east Suffolk with no banks at all and I can see that they need the facility of a banking hub more urgently than we do," Cllr Sanders said.

John Risby, from business and tourist organisation Choose Woodbridge, was also concerned about residents being able to access banking services.

He said: “Woodbridge continues to provide banking services through the post office and Lloyds bank, as well as cash machines throughout the town.

“It is important the town continues providing banking options for shoppers to keep them on our wonderful, bustling high street and that people living in the town are also supported in accessing banking services, particularly if they don’t use online banking.”

The decision to refuse the banking hub application is set to be discussed at a town council meeting tonight (Wednesday).

READ MORE: Suffolk news