As the UK’s largest building society, Nationwide has reported a marked increase in cash usage for the fourth consecutive year, despite widespread predictions of a cashless future. With nearly 35 million ATM withdrawals made from its network in 2025 alone, the resurgence of physical money appears tied to both practical necessity and shifting consumer habits.
This renewed interest in cash comes at a time when high street banks are continuing to close local branches, narrowing access to traditional banking services. Nationwide’s leadership argues that the pattern of rising withdrawals reflects more than just personal preference, it reveals a growing reliance on face-to-face services in a changing financial landscape.
Cash Withdrawals at Record High as Access to Services Tightens
Nationwide Building Society recorded approximately 34.7 million cash withdrawals in 2025 from its 1,270 ATMs situated across 605 branches, marking a six per cent increase compared to 2024. The total cash withdrawn reached £4.2 billion, overtaking the previous high of £4 billion set in 2017, according to Nationwide.
The average withdrawal amount also rose year-on-year, from £113 in 2024 to £120 in 2025. This increase suggests a growing tendency among users to take out more cash per transaction, potentially due to limited opportunities for in-person banking. While 13 per cent of customers stated that using cash helps them save more effectively, the data also shows that withdrawals by non-Nationwide customers grew by six per cent, an indication, the society says, of the broader impact of bank closures on public access.
Mandy Beech, Director of Retail Services at Nationwide, underlined the link between cash use and the ongoing reduction in local branches. “ATM usage last year exceeded the previous peak in 2017 and while it is interesting to see ATM withdrawals continuing to rise, it is exacerbated by ongoing closures of bank branches,” she said. According to Beech, the trend is not only notable for its scale but also for what it reveals about the state of in-person financial services across the UK.
Nationwide Maintains Commitment to Physical Banking Amid Decline in Deposits
While withdrawals surged, cash deposits painted a slightly different picture. According to Nationwide, there were 4.2 million deposit transactions made at its branches during 2025. The average deposit amount rose modestly from £278 to £281, indicating stable usage of physical branches for everyday banking needs.
However, the total volume of cash being deposited fell by four per cent compared to the peak seen in 2022. This shift suggests that while people are withdrawing more frequently or in higher amounts, the overall flow of cash back into banks is not increasing at the same rate.
Nationwide has responded to these developments by reaffirming its commitment to maintaining in-person services. “Nationwide has the UK’s largest branch network and we see daily how our customers value cash and face-to-face service,” said Beech. The society has promised to keep all 605 of its branches open until at least 2030, offering a rare sense of continuity in a sector increasingly focused on digital-only access.
According to data cited by Nationwide, figures from consumer group Which? show a steep drop in the number of bank branches operating in communities across the UK. This wider context helps explain the growing use of Nationwide’s ATMs by individuals who are not customers, highlighting the knock-on effects of a shifting financial infrastructure.
