Link exec says savings account customers will appreciate smaller notes

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Link exec says savings account customers will appreciate smaller notes

Mon 27th Sep 2010

People will enjoy being able to withdraw £5 notes from more cash machines, a spokesperson from Link has claimed.

Head of development at the company Graham Mott suggested individuals will be able to budget easier and will not have to carry around as much money if they do not want to.

Commenting on the reaction of financial institutions, Mr Mott said: "It's been received very positively. All the major banks have come out to say they've got plans to implement it."

In his opinion, there is still a major role for cash to play in the modern world, despite the growing use of debit cards and electronic transactions.

He predicted that this form of payment will be around for some time yet, pointing out that a "huge number" of exchanges for under £10 use physical money.

Research by Lloyds TSB supports the idea that Brits would like to be able to withdraw £5 notes from cash machines, with 60 per cent of 2,000 people surveyed saying they would find it useful.

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