With over 11,500 branches, Post Office is the UK’s largest retail network, with more branches than all the banks and building societies combined. And Post Office branches are often the last counter in town where businesses can deposit a day’s takings. That ‘cash cycle’ will play a vital part in the UK’s economic recovery from Covid-19.
The Post Office Cash Tracker illustrates the continuing reliance that small businesses and individuals place on being able to quickly and securely deposit and withdraw cash.
Post Office Cash Tracker for August
Use of everyday banking services at Post Office branches in August are traditionally less than any other month. However, high deposits by personal and business customers indicate continuing confidence and reliance on cash as this year’s deposits are not far short of the amount deposited last August. This is reflected in a 3.1% increase in business deposits since July and a 16.3% year-on-year increase for personal deposits in August.
Data is taken from the second Post Office Cash Tracker showing the billions of pounds deposited and withdrawn each month at its 11,500 branch locations.
The value of cash deposits by personal customers remains high, and greatly exceeds pre-Covid-19 levels. In August, £945 million was deposited in cash at Post Office counters. Deposits are at higher levels than at the equivalent point in 2019 (a 16.3% increase) as individuals increasingly turn to the Post Office as a location where they can deposit cash accumulated during the lockdown period. In terms of cash withdrawals by personal customers, £552 million was withdrawn at the Post Office’s 11,500 counters. Withdrawals have yet to exceed the equivalent month the previous year.
On the charts below, you'll find the breakdown of deposits and withdrawals for Personal customers. This data is to end August 2020.
Cash deposits specifically by business customers amounted to £831 million showing how much small businesses and independent retailers continue to rely on cash to operate. The figure for business cash deposits in August 2020 is a 3.1% increase from July as businesses continue to recover. When compared to the start of lockdown, Post Office data shows that in April, just under £320 million was deposited by business customers. This compared with over £1.1 billion in April 2019.
Here you can see the breakdown for Business deposits and withdrawals as at end August 2020.
The data tables below show the combined Business & Personal deposits and withdrawals, as at end August 2020.
The chart below shows the cash deposits (for Personal & Business combined, and then Personal and Business individually) breakdown, as at end August 2020, for the the four nations (England, N Ireland, Scotland and Wales).
This chart shows the cash withdrawals (for Personal & Business combined, and then Personal and Business individually) breakdown, as at end August 2020, for the the four nations (England, N Ireland, Scotland and Wales).