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Three raiders forced a security van guard to lie on the floor while another pointed a gun at his colleague's head during a raid in Hampshire.
Officers were called shortly after 0000 BST to the Nationwide Building Society in High Street, Andover.
The guards were delivering cash when they were ambushed by the men who came from a passage adjacent to the bank.
They snatched a cash box containing an undisclosed amount of money and made off into George's Yard.
The guards were not harmed or injured but were shaken by the ordeal, police said.
Officers are keen to speak to anyone who may have seen a vehicle leaving the town centre area, possibly at speed, at the time of the robbery.
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