HSBC cash points to stock £5 notes
From Monday shoppers in England and Wales will benefit from nearly 400 machines dispensing £5 notes, thanks to extra HSBC cash points. From 6 September, an additional 210 cash machines will be stocked with the notes in a move designed to help consumers budget their money better.
The nationwide roll out follows last year’s successful Bank of England trial to stock more fivers in cash machines in the South West and the Midlands.
Now, HSBC cash machines stocking the notes will follow in London, the East, the South East, the North, the South West and Wales.
The Bank of England wants to get more £5 notes in circulation, owing to their popularity. As a small denomination, consumers and retailers tend to hoard them rather than spending them, causing a cash flow problem.
Any withdrawal from the participating HSBC cash points will typically give a combination of notes, including two £5 notes.
In June, ATM operator Bank Machine announced it would launch cash machines, which only dispensed £5 notes. HSBC is the first high-street bank to jump on board proposed plans for banks to stock more £5 notes in cash machines.
A spokesperson from HSBC says: “Improving the flow and quality of £5 notes is important, businesses don’t want to be left short and customers prefer newer notes. By clearly labelling the £5 dispensing machines and increasing their number to almost four hundred, the vast majority of customers across England and Wales will now have easy access to good quality £5 notes.”
Currently, there are around 249 million £5 notes in circulation. The notes get used more regularly than any other, and are therefore have a life span of a year, compared to five years of a £50 note.