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?