Nationwide records jump in UK ATM cash withdrawals

ATM cash withdrawals in the UK are on the rise for the first time in 13 years, according to data published by the Nationwide Building Society

The financial institution registered a total of 30.2m withdrawals being made from its ATMs throughout last year, a 19% increase from those made in 2021, but still short of the 44.6m withdrawals reported in pre-pandemic times. 

On average,  the public withdrew £105 per transaction –  which is 25% higher than 2019’s figure. Nationwide attributes this to the current cost-of-living crisis. 

Cash deposits have also risen in value, reaching £277, a 37% growth over the last five years. Nationwide’s ATMs use for deposits simultaneously rose by 34% over the same period.

Otto Benz, Director of Payments at Nationwide, said: “For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting into debt from the rising cost of living.”

Nationwide’s numbers correlate with a previous study made by IT company Accenture back in December, where it was highlighted that the monthly cash reliance of surveyed UK adults (63%) is almost as strong as that of debit card reliance (75%). 

At the time, the company’s Global Payments Lead, Sulabh Agarwal, stated: 

“Cash remains a crucial method of payment for most UK consumers, who still rely on its accessibility and convenience and ability to budget in the current high inflation macroeconomic climate.”