The fund is currently worth £1 million, but more money is potentially available in the future. It comes as recent figures from Which? demonstrate that more than 3,300 bank branches closed between 2015 and 2019.
Members of the public will be able to apply for the fund for a cash point in their village or town. Applications will be judged on the distance to nearest free ATM, the availability of a nearby Post Office and the security of a suggested site.
If there is another free cash machine within 1km within the community and no particular geographical challenges to reaching it, applications may be unlikely to be successful.
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