Nationwide reports first increase in cash withdrawals from ATMs in the UK for 13 years

INCREASE: The annual number of cash withdrawals via Nationwide’s ATM network is rising again after the pandemic — though the long term trend is still downward

The total number of cash withdrawals made from Nationwide Building Society ATMs across the UK increased by 19% from 25.45m in 2021 to 30.21m in 2022, the first such increase in 13 years, the society reports.

Nationwide also recorded an increase in other ATM transactions such as cash and cheque deposits from 26.94m in 2021 to 28.76m in 2022 and says that they now account for just under half of all ATM transactions (49%).

The increase follows a steady decline in cash withdrawals over the last 13 years, with the steepest drop coming at the start of the Covid-19 pandemic when the annual total fell by 40% from 44.5m in 2019 to 26.4m in 2020, according to the building society’s figures.

“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 director of payments Otto Benz says.

“ATMs play a vital role in society, enabling people to easily access cash. However, over the years, they have offered greater capability for people to manage their money, whether that’s checking their balance or paying a household bill.

“Our data shows people are clearly taking advantage of this enhanced technology as we are increasingly putting money away as well as taking it out.

“Far from the end for cash, it shows that the future of money management is constantly evolving. Taking advantage of the additional services that ATMs provide can be a speedy and convenient experience.”

Nationwide reports first increase in cash withdrawals from ATMs in the UK for 13 years was written by Tom Phillips and published by NFCW.