Post Offices see highest ever amount of cash deposited and withdrawn in one month
Highlights from the Tracker
- Post Office branches saw cash deposits and withdrawals total £3.48 billion in April, the highest amount on record.
- Recent partnership with Monzo contributed positively to total cash deposits & withdrawal value for April 2024
- In total, Post Offices handled £2.62bn in personal and business cash deposits in April compared with £2.26bn last April
- Personal cash withdrawals from Post Office’s 11,500 branches totalled £864.9m in April, up over +20.4% YOY
New figures today reveal a significant increase in cash transactions at Post Office branches in April, with cash deposits and withdrawals across the counter totalling £3.48 billion across 11,500 branches, their highest levels ever.
In the UK, total cash deposits (business and personal) stood at £2.62 billion in April, marking an increase of 4.7% month-on-month and a significant 26.5% increase year-on-year.
Total withdrawals amounted to £864.9 million, despite a slight month-on-month decrease of 0.77%. However, year-on-year, withdrawals saw an increase of 20.4%.
Cash deposits in England totalled £2.18 billion, up 5.1% month-on-month and 16.6% year-on-year. Withdrawals were £679.2 million, showing a modest month-on-month decrease of 0.35% but an 11.17% increase year-on-year.
Welsh branches experienced a substantial increase in deposits at £135.9 million, up 8.68% month-on-month and 18.6% year-on-year. Withdrawals totalled £68.3 million.
The Post Office has recently partnered with Monzo to expand its Everyday Banking services, offering cash deposit facilities for Monzo customers at all branches nationwide. This has contributed positively to the total value of cash deposits & withdrawal value for April 2024
Jeet Jadeja, Postmaster for Staple Hill in Bristol and Quedgeley in Gloucestershire, said: “Having Monzo on board for cash deposits is fantastic and will make a huge difference for banking customers. Monzo has over 9 million retail customers as well as 400,000 business customers so this will widen Post Office’s appeal in both of my branches and across the network.”
Ross Borkett, Banking Director at Post Office said: "Post Office is delighted to welcome Monzo as another partner in our Banking Framework, helping us ensure more UK banking customers than ever before can access essential cash services in any Post Office branch.
“It is positive to see the continued growth in customers using their local Post Office, and accessing essential cash services through our extensive partnership with banks. The fact that we are seeing the highest ever levels of cash withdrawals and deposits demonstrates the growing importance of our services in providing access to cash for customers and businesses across the UK.”