Cash ATM withdrawals rise by 4.6%

10th January 2025

Cash usage is thriving as withdrawals ratcheted up for the third year in a row since the pandemic, data from Nationwide has found. The recent surge comes as many people opt for cash to budget at a time when the cost of living remains high.

The biggest building society recorded around 32.8 million cash withdrawals from the 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of the year for cash withdrawals was the week before Christmas (w/c 16 December) where £97.9m (up 1.8%on last year) was withdrawn – this is the highest amount dispensed in a week since pre-Covid. The week leading up to Black Friday (w/c 25 November) saw £85.3m withdrawn – a 12 per cent year on year increase and the second highest weekly dispense since pre-Covid.

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 (26.4m in 2020 v 44.5m in 2019).

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 per cent increase in withdrawals from non-Nationwide customers and a four per cent increase from Nationwide customers looking to access cash.

The biggest increase in cash withdrawals were recorded in Chiswick, West London (up 140%), Shotton, Flintshire (up 115%) and Fakenham, Norfolk (up 96%). However, many areas where Nationwide is now the last branch in town have also seen sizable increases, including Henley-on-Thames, Oxfordshire (95%), Cupar, Fife (66%) and Bromborough, Merseyside (61%). See notes to editor for top ten biggest increases2.

The rise in multi-use ATMs mean that cash withdrawals are only part of the picture. Nearly half (43%) of all transactions are for other services – from printing mini-statements and paying bills and changing PINs to paying in cash and cheques1.

When it comes to depositing cash, over the last five years (2020-2024) Nationwide has seen a 21 per cent increase in the number of times its ATMs are used to deposit cash into accounts with the average amount deposited rising to £278 – 0.5% per cent increase on five years ago. However, the amount of cash being deposited is down 4 per cent compared to the peak seen in 2022.

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.”

Year Cash withdrawals Other transactions
Total per year Average per month Total per year Average per month
2014 52.41m 4.37m 43.61m 3.63m
2015 51.56m 4.30m 43.17m 3.60m
2016 50.69m 4.22m 42.38m 3.53m
2017 49.75m 4.15m 41.78m 3.48m
2018 46.50m 3.88m 38.53m 3.21m
2019 44.55m 3.71m 36.13m 3.01m
2020 26.43m 2.20m 27.90m 2.33m
2021 25.45m 2.12m 26.94m 2.25m
2022 30.21m 2.52m 28.76m 2.40m
2023 31.36m 2.61m 25.37m 2.11m
2024 32.81m 2.73m 24.71m 2.06m