/ Money

It’s about time more cashpoints stocked fivers

Five Pound Note

Don’t you just hate breaking into that £20 note when you’re buying a cheeky Twix? Wouldn’t the world be a better place if the hole-in-the-wall spat out fivers? Now there’s a cashpoint revolution doing just that.

ATM operator Bank Machine has begun a roll-out of £5-only cash machines – spewing out fivers for all. The Bank of England has previously tried in vane to increase the circulation of £5 notes, but they tend to get tattier, quicker – so they don’t hang around very long.

But banks have long been reluctant to pop the poor little bluey’s into their cash machines, believing it’ll require refilling them more often. Yet, pilot machines in London have shown that this isn’t the case. Why? Because people withdraw less cash from £5-only machines – an average of £20-£25 compared to £60 from normal ATMs.

Although splattering out just fivers might be a tad annoying, it’s bound to help with budgeting. Especially when many banks are introducing high over-the-counter withdrawal minimums (we’re looking at you Nationwide).

So, 21 new £5-only machines are making their way to Martin McColl newsagents (thankfully without withdrawal fees) with hundreds more planned. And if you’re not close to one, check out new high street Metro Bank, which has promised to stock Lady Godivas as well.

There’s definitely demand from shoppers – London’s pilot machines have been hurling out 100,000 fivers each and every month. I know my wallet will be happier for it – £20 notes are notoriously big, peaking out of my wallet as a blatant advertisement to shifty pick-pockets.

Are you eagerly awaiting the £5 note revolution?

Comments
Member

Some people only have cash cards, & May need cash or small amounts of cash like £5.00p notes 🙂

Member

I am a brain injury survivor which has also resulted in my being physically disabled. Yet every week I bypass the cash machines & make my way to my bank in order that the amount that I withdraw is actually in £5.00 notes & nothing larger. I have a debit card that I use for any payments over £10 & if ‘all’ retailers accepted payment in this manner I would choose not to carry cash at all. However I believe that retailers have to pay to have these machines & until that changes their wider spread is blocked. Also a lot of people get money from hole-in-the-wall machines & blindly accept whatever denominations are issued & then use them for their everyday purchases much to the annoyance of traders whose ‘cash float’ is quickly exhausted by giving change for these purchases (recently I was on a bus & found it hard to believe it when a prospective passenger proffered a £10 note for a local fare – I didn’t quite hear the driver’s comments regarding this!). Personally I try to consider the shop’s ‘float’ when I buy something & hope that my consideration is reciprocated, which it frequently is. All it takes is a bit of mutual consideration in this day & age where a lot of people have the attitude ‘I’m all right – ******* you!

Member
bishbut says:
26 June 2017

I always go into my bank and ask for cash in the notes and coins I want ,I do not use much cash now and £20 notes mean getting them changed by going into my bank anyway Cards are accepted at most places now so why carry large amount of cash .There also the danger of withdrawing large amounts of cash out in the street