The gang struck at Coggeshall, near Braintree in Essex, at about 03:10 BST and used chains to rip the ATM out of the wall of McColls in Church Street.
The five-men fled in a blue Land Rover and silver Jeep when police arrived.
They headed towards Tiptree pursued by police but later abandoned their vehicles in a field.
An extensive search for the suspects was conducted but they were not found.
The men were described as white and aged in their 20s.
The incident was the latest in a spate of 10 other ATM raids in the county so far this year.
Enquiries are continuing and officers ask anyone with information to call Essex Police.
Balaclava-clad thieves were forced to leave a cash point machine in the road in a village after they were interrupted by police.