Cash transactions at Post Offices total £3.69 billion; highest amount since July
Highlights from the Tracker
- Post Offices handled £3.69 billion in cash deposits and withdrawals in October; the highest monthly total since July 2024 (£3.78 billion).
- Business and Personal cash deposits totalled £2.73 billion in October, up 3% month-on-month (£2.65 billion, September 2024) and up over 11.5% year-on-year (£2.44 billion, October 2023)
- Personal cash withdrawals totalled £928 million in October, up 6.6% month-on-month (£871 million, September 2024) and up 13% year-on-year (£821 million, October 2023).
New figures released today (11 November) reveal Post Offices handled £3.69 billion in cash deposits and withdrawals in October. This was the highest monthly amount since July when a record £3.78 billion was handled over the counter.
Personal cash deposits totalled £1.52 billion which was up 2.2% month-on-month (£1.49 billion, September 2024) and up almost 15% year-on-year (£1.32 billion, October 2023). October 2024 was only the third time personal cash deposits have exceeded £1.5 billion in a single month (previously July and August 2024).
Business cash deposits totalled £1.21 billion which was up almost 4% month-on-month (£1.16 billion, September 2024) and up almost 8% year-on-year (£1.12 billion, October 2023). October 2024 was only the second time business cash deposits have exceeded £1.2 billion in a single month (previously July 2024).
Personal cash withdrawals totalled £928 million which was up 6.6% month-on-month (£871 million, September 2024) and up 13% year-on-year (£821 million, October 2023). The amount withdrawn over the counter was just below the record amount withdrawn in a single month set in December 2023 (£930 million).
Ross Borkett, Post Office Banking Director, said:
“Our figures indicate that demand for cash is as strong as ever as people rely on cash to budget, particularly in the run-up to Christmas, and businesses rely on it to survive a volatile trading environment. Postmasters and their teams play a vital role in supporting small businesses to trade by providing a convenient and secure location to deposit their cash takings with many branches open long hours and some at weekends.”