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 It is now over 6 months old so the content may be out of date.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Sunday 2 October was also very busy with £252 million withdrawn, an 11% increase on the same day in 2010.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 Any products featured may be withdrawn by their provider or changed at any time.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

Money worries lead to Christmas on credit

Money worries are putting Christmas at risk for up to five million Brits, with 10% saying they regularly worry about money in the lead up to Christmas, and the same proportion feeling stressed about how much they are spending.

Would you spend more for a character property?

We all have our own ideas of what makes a dream home, and for many, character features are at the top of the list. But how much more would you be willing to pay for those kinds of additions – and could they even help you save money in the future?

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.