More HSBC ATMs to carry £5 notes

Thursday, 20 August 2009 12:00

HSBC is working with the Bank of England to stock more £5 notes in its cash machines in a bid to get more of the notes into circulation.

The bank said 100 ATMs in the south-west and the Midlands will be carrying the lower notes, allowing customers to withdraw less cash out at a time.

A spokesperson said the move has nothing to do with the recession, but is a trial with the Bank of England to get more of the notes into use.

"Although there are plenty of £5 notes in circulation, their lifespan is shorter, so the Bank of England is talking to us and other banks so they can get more out there," a spokesperson for HSBC said.

A £5 note only lasts around a year because of its regular use and often appear more worn than higher denominations.

The trial started in July, the bank said, and if successful could be rolled out across the UK.

"We are keen to offer our customers what they want," the spokesperson added.

All UK cash machines can carry £5 notes, but most only issue £10 and £20 notes, as these are the denominations most in demand.

Barclays said there are no plans to change its policy on stocking £5 notes.

A spokesperson for the bank said some ATMs already stock the notes, but in areas with more demand, such as student campuses.

"Most ATMs stock £10 and £20 notes because that is what is most in demand, and most efficient for stocking our machines," the spokesperson added.

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