Banks told 'Get more £5 notes in UK cash machines'
If the collection of various British monetarial (yes monetarial) notes were a family, the £5 note would be the shabby teenager, looking dog-eared most of the time, as if it had just emerged from sleeping in a hedge. And if the ATM is the family home, then the fiver treats it as if it were some kind of hotel, very rarely showing its face.
That last bit is the fault of the banks, who don’t put anywhere near as many five pound notes as they ought to, blaming the absence of young Bluey on lack of demand and the fact that the £5 note only lasts for a year before it has to be replaced. By comparison, a £50 note normally lasts for five years or more – probably because most of them are stuffed in mattresses.
The Bank Of England have said they’ll be pressing the major banks to carry more fivers in the New Year, following successful trials undertaken by HSBC and Sainsburys, the latter reporting that they were able to speed up payment processing at the checkout in stores where more of the lowest denomination notes were in circulation.
Will you be happier if it’s easier for you to get your paws on a fiver from your local cash machine? Will the banks comply with the Bank Of England’s suggestion and will they use the reintroduction of the £5 to invent some kind of administrative complication and introduce withdrawal fees? We all know they’re dying to…