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The UK has seen one in 10 ATMs close over the past three years, according to new figures.
Analysis of data from Link – a network of cash machines – shows there were around 48,500 ATMs open as of June this year.
This was down 10% from 54,000 in June 2021.
The figures show significant regional differences where closures are happening. London and the South West have been worst impacted, losing one in seven machines.
In addition, 12 local authority areas have seen at least a quarter of their ATMs close over this period.
The decline in ATMs is concerning, although the new regulations recently introduced by the Financial Conduct Authority should protect access for the vast majority of people
Caroline Abrahams, charity director at Age UK
The East Midlands county of Rutland has fared the worst of any area in the country, losing half of the 18 cash machines it had in June 2021.
Campaigners have been working to ensure people can access cash, as consumers increasingly move to card and contactless payments.
Caroline Abrahams, charity director at Age UK, said free access to cash is “absolutely vital” for older people, given many of them do not manage their money online.
“The decline in ATMs is concerning, although the new regulations recently introduced by the Financial Conduct Authority (FCA) should protect access for the vast majority of people,” she said.
FCA rules introduced in September require banks to give more consideration to local communities before they close a branch, and firms to check whether more services are needed before an ATM is switched off.
“We hope that the Government will continue to monitor the situation and will be able to act if necessary,” Ms Abrahams added.
As more people are choosing to pay for things digitally or with contactless payments, it does mean that we are using less cash and as a consequence, we have fewer cash machines
Nick Quin, head of financial inclusion at Link
As a silver lining for consumers, the analysis shows ATMs which charge a fee are disappearing much faster than those which do not.
More than one in five surcharging ATMs closed between 2021 and 2024, compared with 6% of free machines.
Shoppers in the North West are the most likely to be charged for taking out cash, with nearly a quarter (24%) of ATMs charging a fee. Across the UK this figure is 20%.
Nick Quin, head of financial inclusion at Link, said: “As more people are choosing to pay for things digitally or with contactless payments, it does mean that we are using less cash and as a consequence, we have fewer cash machines.”
He added the company is working to ensure people can still access cash where and when they need.
Mr Quin credits their financial inclusion programme for ensuring 93% of people live within a mile of free access to cash.
