Cash is still king - Money - 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.

Cash is still king

Cash is still king

Category: Money

Updated: 15/03/2016
First Published: 02/03/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

All the talk of the rise in contactless and credit card spending may lead you to believe that cash is dead, but the figures show a different story – in fact, LINK has revealed that cash withdrawals from its ATM machines hit a record £128 billion last year, with over 2 billion visits being made. Cash is definitely still with us!

Breaking it down, we can see that the total number of cash withdrawals rose by 0.8% in 2015, but the value of those withdrawals increased by 2%. The average amount withdrawn per user also saw a slight rise, with the average withdrawal value increasing from £61.25 in 2014 to £61.93 in 2015.

"These figures show that cash remains a very important part of our lives here in the UK and is still the most attractive payment option in lots of situations," said John Howells, LINK CEO. "With the amount of money being withdrawn continuing to increase, it is clear that cash has an important place in our wallets and purses for the foreseeable future."

It's perhaps no wonder that so many people continue to rely on hard cash. There are bound to be occasions when card payments simply won't be suitable – market stalls, for example, or paying for car parking or a taxi journey – and sometimes, relieving your wallet of a few coins is a far more convenient method of payment.

So why not make your cash work harder for you? Stashing away a few extra pounds into a savings account can ensure you'll have more available to withdraw in the future, and if you keep an eye out for discounts or voucher codes, you can keep a bit more cash in your pocket.

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 Any products featured may be withdrawn by their provider or changed at any time.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

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?

Over 1 million fall victim to online scams

We all like to think that we’re pretty savvy when it comes to spotting financial fraudsters, yet the rise of online scammers means it can be all-too easy to be hoodwinked - and unfortunately, huge numbers are falling victim.

Financial New Year’s Resolutions

It's that time of the year again: the presents have been unwrapped and the Christmas jumper folded away, and now all that's left is the hangover from the festivities. It's time to sit down and think hard about what you would like to change, and how.