Cash Tracker - September 2020

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 September

Cash deposits at Post Office return to pre-Covid levels and top £2 Billion – September cash deposits higher than any month so far in 2020

  • Value of cash deposits in September higher than any month so far this year.
  • Cash deposits by business and personal customers totalled £2 billion in September, up 7.7% on September 2019.
  • First time since February, before lockdown, that cash deposits by business and personal customers exceeds equivalent month in 2019.
  • Personal cash withdrawals amount to £591 million, up 7.1% on August. Figure is down 2.6% compared to same month last year, which is the smallest year on year gap since lockdown in April.
  • Overall, cash deposits and withdrawals by business and personal customers amounted to over £2.6 billion in September. Up 11.3% on August (£2.35 billion) and 9.7% on July (£2.4 billion)

Nick Read, Chief Executive at the Post Office, said:

“Our data shows that cash deposits are exceeding what we saw at the start of this year, as well as the amount that was deposited at the same point last year, well before the Covid-19 pandemic struck. We’ll be monitoring closely what impact the recently introduced lockdown measures have on small businesses’ ability to stay open and deposit their takings at our branches. They will continue to be the place where cash can be quickly and locally deposited helping to give small business owners more time to keep serving their customers.”

Personal Deposits and Withdrawals

The value of cash deposits by personal customers remains high, and greatly exceeds pre-Covid-19 levels. In September, over £1 billion was deposited in cash at Post Office counters.

September was the first month this year where personal cash deposits exceeded a billion pounds in a single month. In terms of cash withdrawals by personal customers, £591 million was withdrawn at the Post Office’s 11,500 counters. This is up 7% compared with last month.

Whilst withdrawals have yet to exceed the equivalent month the previous year, September’s gap was the smallest all year with the amount withdrawn down 2.6% compared with September 2019.

Personal deposits

Personal withdrawals

Business Deposits and Withdrawals

Cash deposits specifically by business customers amounted to £965 million showing how much small businesses and independent retailers continue to rely on cash to operate.

The figure for business cash deposits in September 2020 was the highest amount since February 2020 when £890 million was deposited at Post Office branches. Cash deposits by businesses were up 16.2% when compared to last month.

Business deposits

Business withdrawals

Combined Business & Personal Deposits and Withdrawals

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

Business & Personal deposits

 

Business & Personal withdrawals

Cash across the four nations 

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

Business & Personal withdrawals

 

 

Business withdrawals

Personal withdrawals