Cash Tracker - October 2020

 

Post Office Cash Tracker for October

Cash deposits dip 4.6% to £1.9 billion at Post Office as Circuit Breaks and Tier 3 restrictions introduced in parts of the UK in October

  • Cash deposits by business and personal customers totalled £1.91 billion in October, dipping 4.6% compared with September (£2 billion)
  • First time since March that the value of cash deposits by business and personal customers has decreased month on month other than seasonal drop in August
  • With a lockdown in England throughout most of November, whilst Post Offices remain open, decline in cash deposits expected
  • Business deposits in Wales fall 14.3% (£6.7million) compared with September with branches in Cardiff, Swansea and Wrexham all seeing personal and business declines in deposits and withdrawals. Fall attributed to Circuit Breaker introduction
  • Post Offices open and will support local communities with their cash and banking needs, as well as bill payments throughout lockdown and tier restrictions as banks likely to reduce their branch opening hours*

Martin Kearsley, Director of Banking at the Post Office, said:
“Our data tells us that where hospitality and non-essential retail businesses have had to close as a result of a lockdown restrictions there are falls in deposit cash takings at Post Offices. We do expect deposits to decline in England in November, though less than during the national lockdown earlier this year.”

Martin Kearsley added:
“Post Offices remain open during lockdowns and support the UK’s economic revival as the place where cash can be quickly and locally deposited.”

The value of cash deposits by personal customers remains high, and greatly exceeds pre-Covid-19 levels.

In September, £984 million was deposited in cash at Post Office counters.

In terms of cash withdrawals by personal customers, £589 million was withdrawn at the Post Office’s 11,500 counters. This is almost the same as was withdrawn in September (down 0.4%).

Personal deposits

Personal withdrawals

Cash deposits specifically by business customers amounted to £924 million showing how much small businesses and independent retailers continue to rely on cash to operate.

The figure was 4.2% down compared with September (£965 million), but October was still the third highest month for business deposits this year after January 2020.

Business deposits

Business withdrawals

The data tables below show the combined Business & Personal deposits and withdrawals, as at end October 2020.

Business & Personal deposits

Business & Personal withdrawals

 

The chart below shows the cash deposits (for Personal & Business combined, and then Personal and Business individually) breakdown, as at end October 2020, for the the four nations (England, N Ireland, Scotland and Wales).

Business & Personal deposits

Business deposits

Personal deposits

This chart shows the cash withdrawals (for Personal & Business combined, and then Personal and Business individually) breakdown, as at end October 2020, for the the four nations (England, N Ireland, Scotland and Wales).

Business & Personal withdrawals

Business withdrawals

Personal withdrawals