Which? responds to the PSR’s research into how people and business access cash

Jenny Ross, Which? Money Editor, said:
“While digital payments are rising, these findings show that millions of people still prefer to use cash – but around one in six are having to travel out of their way to get it as bank branches and cashpoints close at an alarming rate, cutting access to a vital payment method for consumers in many areas.

“The government and regulator must urgently explore all options – including legislation – to ensure that access to cash is preserved for as long as it is needed. Banks should also ensure the needs of all their customers are met and no-one is excluded as more of their services go online.”

Notes to editors

305 free-to-use cashpoints are closing every month. Between January 2018 and May 2019, the number of free-to-use ATMs reduced from 54,500 to 49,000.

Which? previously revealed that the UK has lost almost two thirds of its bank branches in the last 30 years, leaving a fifth of households now more than three kilometres from their nearest branch.