Cash withdrawals at Britain’s largest building society, Nationwide, have increased for the third consecutive year. Cash accessibility, however, continues to decline, leaving many businesses searching for a solution that allows customers to pay with their preferred method.

Nationwide has reported a 10 percent rise in cash withdrawals in 2024, marking a third consecutive year of growth.

Britain’s biggest building society recorded around 32.8 million cash withdrawals from the 1,260 ATMs at its 605 branches last year, with the average withdrawal amounting to £112.

The busiest period for cash access, as one might expect, was the week before Christmas, with nearly £98 million dispensed, marking the highest weekly figure since before the pandemic. The week leading up to Black Friday also saw a notable surge, with withdrawals totalling £85.3 million, a 12 percent increase from the previous year.

Prior to 2022, cash withdrawals had been on a steady decline since peaking in 2014, with a sharp drop during the pandemic. In 2020, withdrawals plummeted by more than 40 percent compared to the previous year. However, this trend has now reversed, with a clear resurgence in cash usage.

“The rising cost of living continues to impact people and many are opting to budget with physical money to avoid getting into debt,” commented Otto Benz, Nationwide’s director of payments. “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.”

And yet, the banks are deserting the high street like the proverbial rats. Every single one of the big five banks have culled their high street presence, taking access to money away from local communities and making local people redundant in the process.

As free cash access points continue to disappear from high streets, Nationwide has seen a 16 percent increase in withdrawals by non-customers, as well as a four percent rise among its own account holders. In the amusements industry, many operators in the seaside sector have been affected by closures, with numerous smaller resorts now without a single bank to accommodate the cash management needs of operators. It also means there’s nowhere for potential customers to withdraw cash from, which has led to many operators seeking out alternative solutions – although the government and regulator seem to be doing their very best to stall those options with its snail-like effort to bring debit card use into action at arcades, FECs and bingo halls.