Cash machines and £5 notes - a sign of the times?

incher

A cash machine local to me has recently started to allow withdrawals of £5.

I was surprised. I can't remember how long ago most machines stopped doing that, but it feels like an age.

I have to admit, I quite like it. I've used it twice now to get £5 out when I've just needed cash for my fitness class, which is £4.

So, is this a new sign of the times - anyone else seen this happening? Or have other parts of the country had £5 withdrawals for a while, and I'm actually behind the times??

Incher

Masomnia

A sign of deflation?

Jokes.

There's a cash machine near me that has done them since I got here 3 years ago, so it's not unheard of. But I don't know anywhere else that does them.

Generali

incher wrote: »

A cash machine local to me has recently started to allow withdrawals of £5.

I was surprised. I can't remember how long ago most machines stopped doing that, but it feels like an age.

I have to admit, I quite like it. I've used it twice now to get £5 out when I've just needed cash for my fitness class, which is £4.

So, is this a new sign of the times - anyone else seen this happening? Or have other parts of the country had £5 withdrawals for a while, and I'm actually behind the times??

Incher

I think I saw an article about this. HSBC have introduced it to help out the Bank of England who are concerned at the lack of £5 notes in circulation I believe.

FTBFun

Is it Barclays? As they've had £5 note withdrawals for a while.

incher

FTBFun wrote: »

Is it Barclays? As they've had £5 note withdrawals for a while.

It's just one of those machines attached to a corner shop - not sure who it's provided by, but I will check next time I'm there!

Generali - why would the BoE be concerned about the lack of £5 notes?

A._Badger

According to the BofE, there is a demand from the public and retailers for fivers, but it's thwarted by cash machines only dispensing £10s and £20s.

I can't see it myself, but whatever is behind it, it has nothing to do with the current state of the economy, as such. The Bank has been urging this move for well over a year.

cherryblossoms

I have seen a few Lloyds machines offering £5 & £10 notes at one machine and £10 & £20 notes at the others, they have a metal tag at the top so you know which one despenses which.

Can't say i've seen any other machines doing this but I haven't really looked.

marklv

incher wrote: »

A cash machine local to me has recently started to allow withdrawals of £5.

I was surprised. I can't remember how long ago most machines stopped doing that, but it feels like an age.

I have to admit, I quite like it. I've used it twice now to get £5 out when I've just needed cash for my fitness class, which is £4.

So, is this a new sign of the times - anyone else seen this happening? Or have other parts of the country had £5 withdrawals for a while, and I'm actually behind the times??

Incher

£5 notes are by far the most useful ones. For larger purchases most people tend to use cards, so £10 and £20 notes are really of limited use except to break them into smaller denomination. What annoys me is the clutter of copper change - about time they got rid of 1p and 2p coins. And maybe it's time for a £5 coin (crown) to be introduced, as notes are so overused and abused. I would love the re-introduction of the 'crown' as a unit of currency - it would restore a forgotten British tradition. A half crown (£2.50) coin could then replace the £2 coin.

Stompa

incher wrote: »

It's just one of those machines attached to a corner shop

Yes, we have a similar corner shop machine, and as far as I know it ONLY dispenses £5 notes.

Generali

incher wrote: »

Generali - why would the BoE be concerned about the lack of £5 notes?

Because it's causing problems for retailers and consumers.

There's a lot more to the BoE than setting base rates and trying to control inflation.

Masomnia

Mmm we run out of fivers in the shop fairly frequently.