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 July
This month, our Cash Tracker showed that use of cash remains strong at Post Office.
Cash deposits and withdrawals at Post Office counters amounted to £2.4 billion in July. This is around £450 million higher (+24%) compared with June (£1.94 billion). Data is taken from the first Post Office Cash Tracker showing the billions of pounds deposited and withdrawn each month at its 11,500 branch locations.
1. Personal deposits & withdrawals
The value of cash deposits by Personal customers has continued to increase month-on-month since April, and has now exceeded pre-Covid-19 levels. In July, £960 million was deposited in cash at Post Office counters. Deposits have now returned to higher levels than at the equivalent point in 2019.
On the charts below, you'll find the breakdown of deposits and withdrawals for Personal customers. This data is to end July 2020.
2. Business deposits & withdrawals
Cash deposits specifically by Business customers amounted to £817 million showing how much small businesses and independent retailers continue to rely on cash to survive. The figure for Business cash deposits in July 2020 is still 29% down on July 2019 (£1.1 billion).
Here you can see the breakdown for Business deposits and withdrawals as at end July 2020.
3. Combined business & personal
Cash deposits at Post Office branches amounted to £1.8 billion in July, a 27% increase compared with June. Cash withdrawals amounted to £607 million, a 13% increase compared with June.
The data tables below show the combined Business & Personal deposits and withdrawals, as at end July 2020.
4. Cash deposits across four nations
The chart below shows the cash deposits (for Personal & Business combined, and then Personal and Business individually) breakdown, as at end July 2020, for the the four nations (England, N Ireland, Scotland and Wales).
5. Cash withdrawals across four nations
This chart shows the cash withdrawals (for Personal & Business combined, and then Personal and Business individually) breakdown, as at end July 2020, for the the four nations (England, N Ireland, Scotland and Wales).