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

News

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Simple measures to improve banking security

The payments industry is gearing up for some big changes in the near-future, with the announcement of some key improvements that should help all of us be more secure when banking online.

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!

Top cashback deals for festive rewards

Savvy shoppers will no doubt be looking to make the most of their hard-earned cash at this time of year, but there isn’t much time left to work out which are the good deals and which are the bad, so it’s time to take action!
 
Close