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Cash is still king

Cash is still king

Category: Money

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

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 It is now over 6 months old so the content may be out of date.

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 The average amount withdrawn per user also saw a slight rise, with the average withdrawal value increasing from £61.25 in 2014 to £61.93 in 2015.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 "With the amount of money being withdrawn continuing to increase, it is clear that cash has an important place in our wallets and purses for the foreseeable future."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 Any products featured may be withdrawn by their provider or changed at any time.

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