Swindon-based Nationwide says cash usage is thriving as withdrawals ratcheted up for the third year in a row since the pandemic.
The firm says the recent surge comes as many people opt for cash to budget at a time the cost of living remains high.
Britain’s biggest building society recorded around 32.8 million cash withdrawals from the 1,260 1260 ATMs at its 605 branches last year – a 10per cent increase on 2023.
The average amount of cash taken out on each withdrawal from Nationwide ATMs was £ £112 last year.
The busiest time of the year for cash withdrawals was the week before Christmas, when £97.9m - up 1.8 percent on last year - was withdrawn. This was the highest amount dispensed in a week since before the pandemic.
Otto Benz, Director of Payments at Nationwide Building Society, said:“The rising cost of living continues to impact people and many are opting to budget with physical money to avoid getting into debt.
"Nationwide has the largest branch network in the UK, which allows us to support customers who want access to cash, whether that be from our ATMs or over the counter.
"The major banks have closed branches in towns and cities across the country taking away many of the free ATMs that people rely on, which is why the biggest rise in withdrawals comes from non-Nationwide customers.
"The resurgence of cash shows why we need to continue having a physical presence on the high street, enabling customers to access their money on their terms, whether digitally or in branch.”
The week leading up to Black Friday saw £85.3m withdrawn – a 12 percent year-on-year increase and the second highest weekly dispense since before the pandemic.
Prior to 2022, the number of cash withdrawals at Nationwide had been steadily declining from its 2014 peak. This fall was most pronounced when the pandemic struck, when withdrawals dropped by more than 40 per cent in a year .
ATM usage has also risen due to bank branch closures, which has seen vital free services being removed from high streets up and down the country.
This has led to a 16 percent increase in withdrawals from non-Nationwide customers and a four percent increase from Nationwide customers looking to access cash.
Nationwide has pointed out that unlike the major banks it has not closed significant numbers of branches in recent years. Nationwide has reaffirmed its commitment to communities by continuing to offer face-to-face service, with its Branch Promise, meaning everywhere with a branch will retain it until at least 2028.
Britain’s biggest building society recorded around 32.8 million cash withdrawals from the 1,260 1260 ATMs at its 605 branches last year – a 10per cent increase on 2023.
The average amount of cash taken out on each withdrawal from Nationwide ATMs was £ £112 last year.
The busiest time of the year for cash withdrawals was the week before Christmas, when £97.9m - up 1.8 percent on last year - was withdrawn. This was the highest amount dispensed in a week since before the pandemic.
Otto Benz, Director of Payments at Nationwide Building Society, said:“The rising cost of living continues to impact people and many are opting to budget with physical money to avoid getting into debt.
"Nationwide has the largest branch network in the UK, which allows us to support customers who want access to cash, whether that be from our ATMs or over the counter.
"The major banks have closed branches in towns and cities across the country taking away many of the free ATMs that people rely on, which is why the biggest rise in withdrawals comes from non-Nationwide customers.
"The resurgence of cash shows why we need to continue having a physical presence on the high street, enabling customers to access their money on their terms, whether digitally or in branch.”
The week leading up to Black Friday saw £85.3m withdrawn – a 12 percent year-on-year increase and the second highest weekly dispense since before the pandemic.
Prior to 2022, the number of cash withdrawals at Nationwide had been steadily declining from its 2014 peak. This fall was most pronounced when the pandemic struck, when withdrawals dropped by more than 40 per cent in a year .
ATM usage has also risen due to bank branch closures, which has seen vital free services being removed from high streets up and down the country.
This has led to a 16 percent increase in withdrawals from non-Nationwide customers and a four percent increase from Nationwide customers looking to access cash.
Nationwide has pointed out that unlike the major banks it has not closed significant numbers of branches in recent years. Nationwide has reaffirmed its commitment to communities by continuing to offer face-to-face service, with its Branch Promise, meaning everywhere with a branch will retain it until at least 2028.
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