HSBC launches 100 ATMs in UK with £5 notes

image As it became known today, HSBC has begun stocking 100 UK cash machines with £5 notes as part of a Bank of England pilot designed to boost their numbers. The vast majority of ATMs in the UK hold only £10 and £20 notes, although they must be able to stock notes of all denominations.

The central bank’s figures showed that there are around 230 million £5 notes in circulation, comparing to 630 million £10 notes and 1.4 billion £20 notes. This means they get used more regularly and only last around a year in circulation before becoming too damaged to use.

Andrew Bailey, the BoE’s chief cashier, told the BBC in February that the bank was keen to get more of the low denomination notes in circulation. Now, HSBC is stocking fivers in 100 machines in the South West and Midlands as part of the BoE bid to increase their circulation by making them last longer.

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