Hot spell prompts cash withdrawal bonanza - Money - News - Moneyfacts


Hot spell prompts cash withdrawal bonanza

Hot spell prompts cash withdrawal bonanza

Category: Money

Updated: 04/10/2011
First Published: 04/10/2011

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 It is now over 6 months old so the content may be out of date.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 UK 's Indian summer prompted people to withdraw cash en masse last Friday, as Britons prepared for a scorching weekend.

In total, people withdrew £577 million from ATM machines on 30 September as consumers warmed up for a weekend when temperatures soared towards the 30 degrees centigrade mark in parts of the country.

It is a record amount for 2011 so far and the highest daily withdrawal since Christmas Eve last year, according to LINK.

Last Friday's run on cash machines saw 14% more funds taken out than on the same day in 2010.

Sunday 2 October was also very busy with £252 million withdrawn, an 11% increase on the same day in 2010.

"The good weather really seems to have encouraged people to withdraw cash in preparation for increased spending over an unusually sunny weekend - confirmation that the right combination of feel good factors can boost short term spending and that cash is a very popular way of paying for these kinds of goods and services," John Howells, LINK chief executive commented.

There are around 64,000 cash machines connected to the LINK network in the UK , making up almost all of the ATMs across the country.

Last year, almost three billion transactions were carried out from LINK cash points.

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 Any products featured may be withdrawn by their provider or changed at any time.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

It’s good to talk (about money issues)

They say that it’s good to talk, yet it seems there are some subjects that people are just too embarrassed to discuss. Money is definitely one of them, yet failing to talk could make those issues far more stressful than they need to be.

Give your finances a pre-Christmas health check

The festive season is rapidly approaching, and with it comes thoughts of how you’re going to fund the whole thing. It’s important to be on the ball, and giving your finances a pre-Christmas health check could be one of the best things you do.

Parents to spend £552 on children this half term

Autumn has truly arrived – and half term with it. This looks to be bad news for parents’ wallets, as research from American Express shows they will be spending an average of £276 per child this holiday break.