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 January 2021
Business cash deposits down over 40% year-on-year, while personal customers continue to rely on Post Office for depositing cash during lockdown
- Business cash deposits down 40.7% to £582 million in January 2021 compared with a year ago (£981 million), before the outbreak of Covid-19 in the UK
- Personal cash deposits in January totalled £931.6 million. Whilst down £47 million compared with December, which always sees the biggest amount of deposits, is up 4.6% compared to January 2020 (£890.3 million)
- Personal cash withdrawals totalled £463 million in January. This is the lowest amount withdrawn by personal customers since May 2020 when £450 million was withdrawn
- 99% of Post Offices remain open l throughout this national lockdown, providing customers with essential banking, mails and bill payments services
Latest data from the Post Office’s January Cash Tracker shows the impact the Covid-19 pandemic has had on small businesses and the self-employed with business cash deposits down over 40% compared to January 2020. In contrast, personal cash deposits were up 4.6%.