Apr 27,2012
British consumers enjoy withdrawing £5 notes so much that the Bank of England (BOE) has announced a ten-fold increase in the amount of the denomination that will be dispensed from UK cash machines.
According to BOE figures over £200m £5 notes are currently being dispensed in the UK each month. This is ten times the amount recorded in the summer of 2010.
Further figures highlighted that over 5,000 ATMs -one in eight- were dispensing £5 notes last March. This represents a significant increase in comparison to the 670 ATMs issuing £5 notes in 2009.
The number of cash machines dispensing £5 notes has increased in line with a rise in consumer demand.
A number of high street banks have already contributed to this upward trend. These include the Bank of Ireland ATMs at Post Office locations, Barclays, Nationwide Building Society, The Co-operative Bank, HSBC, Lloyds Banking Group, Royal Bank of Scotland (including ATMs operated on behalf of Tesco Bank), Sainsbury's Bank, Santander and Yorkshire Bank.
Need cash now
"Cash is the payment method that best helps the British public budget, and a greater spread of smaller denominations like fivers helps us keep an even closer eye on our spending," said Ron Delnevo, managing director of Bank Machine.
Using cash for everyday expenditure is a great way of sticking to a budget when money is tight. In this sense, the smaller the notes are, the less you will end up spending. This could be one of the reasons that led the rise of £5 notes.
If your economic situation needs urgent help, responsible lenders offer unsecured personal loans which are available to give you access to the funds you may require. They are perfect for debt consolidation or home improvements. We also offer soft search loans and long terms loans. The advantage of this form of money lending is the range of loan amounts that are offered. This range is typically between £1000 and £15,000, meaning that there is a loan amount to suit every need.
Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.
Posted in Budgeting on Apr 27, 2012.
Sep 21,2022
The UK’s largest branch-based lender of unsecured loans is bringing its popular face- to-face lending approach to Chester Le Street giving local people the opportunity to discuss their borrowing needs in person with its expert account managers. The b...
Feb 03,2020
Everyday Loans has just been named Non-mainstream Loan Provider of the Year in the prestigious Moneyfacts Consumer Awards 2020. As well as giving UK consumers the chance to have their say on which products and providers have gone above an...
Apr 22,2021
As we celebrate National Pet Month, we’re taking a look at the ways we can reduce the cost of owning our beloved pets.
The Everyday Loans News and Blog area is for informational purposes only. The information provided shouldn’t be seen as advice. Using any information in the blogs or news articles is at the reader's risk.
The information posted is accurate and true to the best of Everyday Loans knowledge at the time of publication.
Everyday Loans doesn’t accept liability for the information provided on third-party websites. It reserves the right to edit, amend, or remove any post at any time without notice. The external links in the blogs are not affiliate links, and Everyday Loans won’t receive any commission if the reader clicks on the link.