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£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

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 It is now over 6 months old so the content may be out of date.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

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