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.”