Fiver only cash machines to help budget planning

A new range of cash machines dispensing only £5 notes have been introduced across the UK to help people with their budget planning.

The move is being backed by the Bank of England and plans to get more £5 in circulation and let people withdraw smaller amounts, helping them plan their budgets and assist in debt management.

The scheme started as a pilot, dispensing £5 notes from two cash machines in London, one on Roman Road in the East End and one near Waterloo station but has now been rolled out nationwide and features 21 new machines in the network which will be in Martin McColl’s shops.

The managing director of Bank Machine, Ron Delnevo, said: “This is about real people on real budgets facing their own spending cuts. Whether you withdraw £50 or £5 at our machines it will all be in £5 notes. There is cast-iron proof that cash – and small denominations in particular – help people to budget, especially during these financially stretching times. With our network of machines, we think Britain is going to get fiver fever.”

A spokeswoman for Citizens Advice added: “People on low incomes might find it useful if they want to take out smaller amounts of money.”

The new machines are located in Manchester, Stroud, Oakham, Oxford, Cardiff, Paddock Wood, St Mellons, Portsmouth, Strathaven, Axminster, Newton Abbot, Banchory, Swaffham, North Walsham, Penzance, Cannock, Crosby, Beaconsfield, Lower Earley, Market Rasen and Fleet.

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Tags: Budget Planning, Cash Machines, Planning   Posted in Debt Consolidation