New data published this week by LINK, the UK’s cash access and ATM network, showed that consumers withdrew £79.5 billion from cash machines in 2024, a 1.2 per cent reduction compared to 2023.
In total, adults over the age of 16 made 915 million cash withdrawals last year, 60 million (6.1%) fewer than in 2023. This equates to approximately 16 trips to the ATM per person, with an average withdrawal of £86 each time, totalling £1,424 over the year.
ATMs account for 93 per cent of all cash withdrawals in the UK, ahead of cashback and counter transactions at bank branches, post offices, and banking hubs.
Regional differences
Since the pandemic, with more people opting for contactless and digital payments, cash and ATM usage has declined significantly. However, cash remains popular, with regular LINK research showing around 75 per cent of adults using cash at least once a fortnight. While people are visiting ATMs less frequently, they are withdrawing more cash per visit.
The data reveals that every region and nation across the UK saw a fall in total cash withdrawals, with the largest declines in Scotland and London. Interestingly, the North-East of England and Wales experienced small increases in the total value of cash withdrawn.
Northern Ireland remains the most cash-heavy part of the UK, with banking customers withdrawing an average of £2,274 in 2024. The second and third most cash-heavy regions were Yorkshire and the Humber (£1,696) and the North-East (£1,682). Yorkshire was the only region where the average withdrawal increased, rising just over 2 per cent from £1,658. ATM usage was lowest in the South-West, where the average customer withdrew £1,030, closely followed by the South-East (£1,030).
ATM numbers
As cash use continues its long-term decline, the number of ATMs has also fallen. By the end of 2024, there were 5 per cent fewer cash machines compared to the end of 2023 (48,401 vs 46,182). Of these, 37,361 are free-to-use, down from 38,480, and 8,821 are charging ATMs, down from 9,921.
LINK noted that it has multiple financial inclusion programmes in place, as well as a statutory obligation, to ensure everyone has good free access to cash. An unchanged 9 in 10 people still live within 1km of a free cash access point, such as an ATM, post office, or banking hub.
In 2024, the Financial Conduct Authority (FCA) introduced new rules to protect access to cash across the UK. These rules include measures requiring LINK to independently assess the needs of a location following the closure of a bank branch. Communities can also request LINK to assess their high street if they believe it lacks appropriate cash services.
To date, LINK has recommended 184 banking hubs and over 100 deposit services to support cash in the community. These are being delivered by Cash Access UK, which opened the 100th banking hub in late 2024.
“Cash usage is falling in line with our own expectations as more people choose to shop online or pay with card. However, cash remains popular for many reasons,” Graham Mott, director of strategy at LINK, said.
“Our own research shows that millions still rely on it because they’re not confident, able, or can afford to use digital payments. For those on low budgets, there’s still no better alternative to managing your finances than using notes and coins. Notwithstanding, as we saw last year during the CrowdStrike IT issues, if and when systems go down, cash is quite often the only option.
“LINK’s job is to protect access to cash, which means that even as cash and ATM use falls, we will continue to ensure that every street is protected. We’re also pleased that we have recommended almost 200 banking hubs, allowing people and businesses that rely on cash to be able to readily access and deposit cash.”
