£5 cash machines will help people budget better - Money - News - Moneyfacts

News

£5 cash machines will help people budget better

£5 cash machines will help people budget better

Category: Money

Updated: 30/06/2010
First Published: 30/06/2010

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 It is now over 6 months old so the content may be out of date.
The roll out of cash machines across the UK that only distribute £5 notes will help people to better manage their money.

Twenty-one cash machines that only dispense the humble fiver were launched up and down the land earlier his week, and will help towards the Bank of England's aim of getting more £5 notes into circulation.

The roll-out of the machines follows a successful trial in London, which saw two ATMs getting an additional 100,000 fivers into circulation.

The machines will be situated in Martin McColl's shops and will be free to use.

Bank Machine – the ATM operator – said that the machines will provide an invaluable community resource and will help people to properly budget.

Ron Delnevo, managing director of the company, said: "This is about real people on real budgets facing their own spending cuts. Whether you withdraw £50 or £5 at our machines, it will all be in £5 notes.

"There is cast iron proof that cash – and small denominations in particular – help people to budget, especially during these financially stretching times."

Andrew Bailey, chief cashier at the Bank of England, commented: "The Bank has several projects underway to meet public demand for more £5 notes.

"One of these aims at encouraging the industry to include £5 notes in their ATMs - the front line of cash provision to the public."

The 21 machines will be located in: Manchester, Stroud, Oakham, Oxford, Cardiff, Paddock Wood, St Mellons, Portsmouth, Strathaven, Axminster, Newton Abbott, Banchory, Swaffham, North Walsham, Penzance, Cannock, Crosby, Beaconsfield, Lower Early, Market Rasen and Fleet.

Find the best savings rates for you - Compare savings 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 Any products featured may be withdrawn by their provider or changed at any time.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

A quarter of Brits have fallen victim to a scam

Think you know how to spot a scam? It may not be as easy as you’d think, with 25% of Brits admitting that they’ve been the victim of one in the past, and a further 73% are concerned about being scammed in the future.

Brits’ bad spending habits revealed

Many of us like to think that we’re good with money, yet there are often things that get in the way of regular saving and financial security. Solution Loans has taken a look, and has identified the bad spending habits that leave us in the red.

Growing fears that inflation could impact wallets

We’ve all heard reports that the cost of food and petrol could increase in the next few months, together with the threat of rising inflation, and it seems that these concerns are beginning to take their toll on the nation’s consumers.
 
Close