How cost effective is the scheme though? On face value, it seems pretty reasonable - an Access Fee of £1 for 24hrs, £5 for seven days with an annual membership of £45. Let's have a look more closely at the charges that are not so widely publicised but can be found on the TFL website.
You will also have to pay a Usage charge (time between picking up and returning a cycle)as follows:
Up to 30 minutes FREE
Up to an hour £1
Up to one and a half hours £4
Up to two hours £6
Up to two and a half hours £10
Up to four hours £15
Up to six hours £35
Up to 24 hours (maximum) £50
On top of that, we have the "Other charges"
Membership key - £3 each to release the cycles easily and quickly. You will need to pay the £3 Membership key fee for each key you request (up to 4 keys)
Late return charge - £150 if you have the cycle for more than 24 hours or the access period runs out
Damage charge - Up to £300
Non return charge - £300
This all seems a bit steep and if you work out the figures, it would be cheaper to buy a bicycle from Halfods for a week as 7 days would cost you £250 + other charges, membership and key!
Cycling in London: Cycling in London, Lea Valley Walk, Mayor of London's Skyride, Thames Path, National Cycle Route 1, Dunwich Dynamo
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