The Isle of Wight has lost one in six ATMs in three years, new analysis shows.

This mirrors a significant drop in cash machine numbers across the UK.

New analysis of LINK data – a network of cash machines – shows there were 104 ATMs open on the Isle of Wight as of June.

This was a 17 per cent decrease from 125 in June 2021, the earliest available local figures.

On the Isle of Wight, 79 machines are free to use, while 25 charge a fee.

The UK has lost one in ten of its ATMs between June 2021 and June 2024, falling from 54,000 to 48,500.

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 should protect access for the vast majority of people."

FCA rules introduced in September require banks to give more consideration to local communities before they close a branch, and firms must check whether more services are needed before an ATM is switched off.

As a silver lining for consumers, ATMs which charge a fee are disappearing much faster than those that do not.