New “Super ATMs” for multi-bank deposits have launched, making banking easier with withdrawals, deposits, and more, all from one convenient machine.
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Exciting news in the world of banking! Yep, I’m a money geek, I get excited by stuff like this 😂
The number of bank branches has been falling annually since 1990. From 2012 to 2022, it fell by a whopping 40%.
On top of this, the number of free-to-use ATMs are disappearing, too. There are 5.2% fewer ATMs than last year.
Yes, we’re using less cash, with only around 14% of payments in 2022 being made using coins and notes.
But, people still want and need cash and cash payments are increasing!
And that’s why I’m kinda excited about new multi-bank deposit ATMs.
They are being introduced nationwide, making it easier than ever to access cash services.
These ATMs offer a range of features, including withdrawals, balance enquiries, and PIN management, all from one convenient machine.
Super-ATMs
Major banks have teamed up in an industry first to create an innovative multi-bank automated deposit service.
The first machine is already up and running in Atherstone, Warwickshire (inside the local Co-op), and it’s just the beginning. Machines have also arrived in Heathfield, East Sussex and Swanage, Dorset.
These deposit ATMs are designed to provide free cash deposits for Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland, and Ulster Bank customers.
More banks are expected to join soon, making this service even more accessible.
The ATMs are generally in supermarkets or other easy-to-reach locations.
Check where to find the closest cash point near you with this clever app.
Easy access to essential banking services
These new ATMs offer a wide range of services to meet your banking needs, including:
- Cash withdrawals: Easily access your money whenever you need it.
- Balance enquiries: Check your account balance on the go.
- PIN management: Update your PIN securely at the ATM.
- Cash deposits: Deposit money into your account for free if you’re a customer of one of the participating banks.
More are coming
These machines, currently being trialled in 16 additional communities, are set to become a staple in many areas. Ten more machines are expected by the end of 2024.
Connected to the LINK network, they are part of an effort to improve deposit services across the UK, especially for small businesses.
Supporting small businesses
Deposit machines are especially helpful for small businesses.
Gareth Oakley, CEO of Cash Access UK, highlighted the importance of these ATMs for cash-reliant consumers and businesses.
The ability to deposit cash without having to travel long distances or close up shop early is a game-changer for many small business owners.
Around 7% of the population lived further than 1 mile from the nearest bank, building society or Post Office, with the number jumping to nearly 30% if you live in a rural area.
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