BoE keen for more £5 notes in ATMs - Banking - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

BoE keen for more £5 notes in ATMs

BoE keen for more £5 notes in ATMs

Category: Banking

Updated: 07/12/2009
First Published: 07/12/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
£5 notes could become more readily available from cashpoints up and down the UK, after the Bank of England's (BoE) Chief Cashier said the denomination is still too scarce.

Andrew Bailey, who is also the BoE's Executive Director for Banking Services told the Banknote conference 2009 in Washington DC that the Bank is trying to meet the twin objectives of maintaining a satisfactory physical quality of the notes in circulation and the public's demand for different denominations.

An increase in the number of £5 notes dispensed from cash machines will mean the denomination becomes more common, ensuring they are returned to cash centres for sorting," Mr. Bailey explained.

A number of HSBC branches in the South West and the Midlands have stocked £5 notes in their ATMs since July; a pilot scheme that the BoE says has had a positive effect.

Furthermore, a scheme whereby a major retailer supplied more £5 notes to its stores to be used as change has also been deemed a success.

"In the New Year, I hope and expect that we will take these examples to other financial institutions and major retailers to make the case for a change in policy towards issuing £5s," said Mr. Bailey.

"We need to see more £5s dispensed from ATMs and by retailers in change."

Compare current accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.