Brixham is to get its own special 'banking hub' - just one of five in the entire UK.
The port has been identified by the Cash Action Group as being in need of better access to cash and basic banking.
Local MP Anthony Mangnall has been fighting to save banking services in the town following the announcement earlier this year that its last bank was set to close.
The new banking hub will be available for everyone in the community to use, whichever brand they bank with, and will be funded entirely by the major banks.
The hub will offer a counter service for transactions, currently provided by the Post Office, alongside face-to-face banking support from a ‘Community Banker’, provided by the largest retail banks.
The concept has been trialled over the past year in Rochford in Essex and Cambuslang in Lanarkshire where they have been universally welcomed by consumers and small businesses.
Early analysis has found that the hubs saved vulnerable people time and money, made life easier for small businesses and helped improve the viability of communities which had struggled with banking and cash services. In fact, the pilots have been so successful, the two hubs are being kept open until at least 2023.
Mr Mangnall said: "I am delighted that the campaign has been successful and I am particularly grateful for the support provided by Brixham Town Council.
"This new banking hub will ensure that Brixham remains a place to do business, with comprehensive services that can help to attract investment and development. The Cash Action Group recognises Brixham’s true potential and I am pleased that the local community will not be cut off from financial services.
"I will now be working with local groups to deliver this service and I look forward to seeing the Banking Hub open as soon as possible.”
Paul Addison, chairman of Brixham Town Council, said: "The council has been concerned for some time now at the lack of banking provision. We are extremely grateful to our MP for listening to our concerns at a recent meeting and supporting Brixham to achieve a shared banking hub."
Matt Hammerstein, the CEO of Barclays UK, says new hubs show banks now need to work together to tackle the future.
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