25 November 2017
visit www.avoka.com

HSBC stocks ATMs with £5 notes in BoE pilot

21 August 2009  |  6431 views  |  0 Pound note Queen Close up

HSBC has begun stocking 100 UK cash machines with £5 notes as part of a Bank of England (BoE) trial designed to boost their numbers.

Although ATMs in the UK must be able to stock notes of all denominations, the vast majority only hold £10 and £20 notes.

According to the central bank's figures, there are around 230 million £5 notes in circulation, compared to 630 million £10 notes and 1.4 billion £20 notes.

This means they get used more regularly and only last around a year in circulation before becoming too damaged to use.

In February, the BoE's chief cashier Andrew Bailey told the BBC that the bank was keen to get more of the low denomination notes in circulation.

HSBC is now stocking fivers in 100 machines in the South West and Midlands as part of the BoE bid to increase their circulation by making them last longer.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco ATM dishes out 'free' cash

Tesco ATM dishes out 'free' cash

18 August 2009  |  10276 views  |  1 comments
Bank Machine rolls out £5-only ATM

Bank Machine rolls out £5-only ATM

11 August 2008  |  9282 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.response.ncr.comvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Sepa instant payments goes liveSepa instant payments goes live
10971 views comments | 46 tweets | 79 linkedin
ING brings data privacy to blockchain transactionsING brings data privacy to blockchain tran...
9533 views comments | 25 tweets | 37 linkedin
hands typing furiouslyHow Fintech Companies are disrupting the C...
8198 views 0 | 20 tweets | 9 linkedin
Axis Bank uses Ripple to open new payment corridors between the UAE and SingaporeAxis Bank uses Ripple to open new payment...
8132 views comments | 8 tweets | 22 linkedin
UK Open Banking expanded to cover all PSD2 productsUK Open Banking expanded to cover all PSD2...
7820 views comments | 21 tweets | 47 linkedin

Featured job

Find your next job