With bank branches continuing to close and the future of 115 Post Office branches under review, some consumers may soon need to seek out alternative ways of accessing their money.
Read on to find out what's being done to help the millions of people who depend on cash, and for advice on where you can withdraw money.
One in seven ATMs have closed since 2021
Constituency data from Link, the UK’s largest cash machine provider, shows that the total number of all cash machines (ATMs) fell from 53,791 in June 2021 to 46,097 in June 2024, a 14% drop. This includes free and paid for ATMs, but not counter terminals.
The number of paid ATMs, where you’re charged a fee to withdraw cash, dropped by 22%. Link's latest annual report suggests the popularity of free cash access initiatives have reduced the need for fee-charging machines.
Free-to-use ATMs have declined by 12% since 2021. By 2032, Link predicts the number of free ATMs could fall to 20,000, as more people shift to paying digitally.
Find out moreBanks close 50 branches a month
Banks and building societies have closed 6,161 branches since January 2015, at a rate of around 53 each month.
This is 62% of the total number of branches that were open at the start of 2015, the year Which? started to track closures.
NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,409 branches – the most of any banking group. Lloyds Banking Group, which includes Lloyds Bank, Halifax and Bank of Scotland, has shut 1,216 sites.
Barclays is the individual bank that has reduced its network the most, closing 1,227 branches.
Find out more:Post Office branches under review
Many consumers rely on Post Office branches to withdraw and deposit cash and make balance queries. Most banks will also allow you to deposit cheques at the Post Office.
This means that people can still access essential services if their local bank branch has closed. In July this year, the Post Office handled a record amount of cash – £3.8bn in deposits and withdrawals.
However, the Post Office recently announced it is reviewing the future of its 115 directly-managed Crown Post Offices.
Directly-managed branches, which make up 1% of the UK network, are staffed by Post Office employees. The remaining 99% of branches are run by franchise partners or sub-postmasters who are independent business owners.
Which? understands the Post Office hopes to franchise out the majority of branches that are under review rather than close them.
A Post Office spokesman said: 'We are considering a range of options to reduce our central costs. This includes considering the future of our remaining directly-managed branches, which are loss-making. We have long held a publicly-stated ambition to move to a fully franchised network and we are in dialogue with the unions about future options.'
What's being done to protect access to cash?
According to Link, five million people in the UK still rely on cash every day.
New rules introduced by the Financial Conduct Authority (FCA) require banks and building societies that close branches to protect access to cash for customers.
When making changes, providers must assess whether local communities will be left without essential cash service, such as branches or ATMs, and address any significant gaps.
Residents and community groups can also request a review of cash access gaps, with providers required to respond.
If significant gaps are identified, banks and building societies must provide reasonable alternatives, such as keeping branches or ATMs open until replacements are in place. Solutions can include introducing banking hubs, new ATMs, or using Post Office facilities to maintain cash services.
Find out more:Alternative ways of withdrawing cash
Community banking hubs
Under pressure from campaigners and the government, several major high street banks have agreed to fund shared banking hubs on a voluntary basis.
These hubs, staffed by Post Office employees, offer essential counter services such as deposits, withdrawals, and bill payments to customers of participating banks.
Most major banks are involved, and the hubs also provide private spaces where customers can meet representatives from their bank for advice on more complex issues. Representatives from different banks are available on specific days of the week.
Currently, 92 hubs are operational, and the government has pledged to have 250 running within five years, including 230 by the end of next year.Find out moreCashback
Link’s ‘cash at the till’ service has become a popular way to access cash in shops, with £5.5 million withdrawn each month. Customers can withdraw any amount from 1p to £50, depending on their account balance and the cash available in the retailer’s till. Notes and coins are available. Barclays introduced its own cashback without spending service in 2022. This allows Visa and Mastercard debit cardholders to withdraw up to £100 per day at thousands of small businesses and local retailers for free. There’s no minimum amount, so customers can withdraw exact figures such as £8.64 rather than having to withdraw £10 at the ATM. Look for the Cashpoint Point (CP) logo in a shop or business window. Find out more:source https://www.which.co.uk/news/article/access-to-cash-7000-cash-machines-have-disappeared-in-the-last-three-years-aRNx60q5N4Ji