A new shared banking hub will soon restore in-person banking to Mitcham as the town prepares to lose its last remaining bank. The proposal follows sustained community pressure and an appeal led by local figures concerned about access to cash and essential banking services.
The campaign gained urgency after it emerged that Lloyds Bank on Majestic Way will close in January 2026. Its closure would leave Mitcham without any branch-based banking services.
Mitcham had previously been deemed ineligible for a banking hub by LINK, despite having 115 high-street shops and a population of around 48,000. Supporters of the hub, including MP Dame Siobhain McDonagh, challenged this decision.
They argued that LINK’s estimated 14-minute bus journey to the nearest full-service branch in Tooting did not reflect reality. Local residents who tested the route recorded average journey times of around 19 minutes.
Campaigners also raised concerns about the accessibility of the alternative site LINK suggested, a local Post Office. They said it was unsuitable for elderly and disabled residents.
The appeal was backed by a coalition of local groups, including the council leader and several community organisations. These included faith groups, the Mitcham branch of the Royal British Legion and multiple residents’ associations.
Following a review, LINK has now recommended that Mitcham receive a banking hub. This decision has raised hopes that face-to-face banking will return to the town.
The hub would operate as a shared facility run by Cash Access UK. Post Office staff would handle everyday transactions, while community bankers from different banks would visit on rotating days.
John Howells, CEO of LINK, told the Local Democracy Reporting Service (LDRS): “We’re very pleased to recommend a banking hub in Mitcham. While our initial assessment took the view that there wasn’t a need for a hub because of existing cash access points across the town, the community made a strong case highlighting specific local issues which we have agreed meet the criteria for a banking hub.”
He added: “Listening to local communities is a key part of the process, and I know that when Mitcham’s hub opens it will be a vital resource for the local community and high street.”
MP Dame Siobhain McDonagh welcomed the decision and thanked LINK for listening to her constituents. She told the LDRS: “At a time when town-centre services are disappearing, this hub offers a vital lifeline and much-needed face-to-face banking.”
Councillor Ross Garrod, Leader of Merton Council, said he was “delighted” by LINK’s recommendation. He praised the efforts of residents and the local MP in making the case.
Cash Access UK will now begin searching for a suitable property in Mitcham. The search is still underway, as no location has yet been confirmed. Once a site is secured, the banking hub is expected to open in February 2026.
In July 2024, Clarion Housing acquired the Majestic Way site as part of its wider plans to redevelop the town centre. The parade of shops that includes the Lloyds Bank branch falls within the proposed redevelopment area and is set to be demolished, although there are currently no guarantees that the parade will be rebuilt.
