Cash deposits and withdrawals exceed £3.5 billion at Post Offices
Highlights from the Tracker
- Post Offices handled over £3.5 billion in cash deposits and withdrawals over the counter in January – this came even with the impact of Storm Eowyn.
- January and February are always the quietest months for cash transactions at Post Offices. Despite this, personal cash deposits totalled £1.57 billion, up 2.7% month-on-month (£1.52 billion, December 2024) and up 10% year-on-year (£1.42 billion, January 2024).
- Business cash deposits totalled £1.11 billion, down 5% month-on-month (£1.17 billion, December 2024) and down just over 3% year-on-year (£1.14 billion, January 2024) due to the storm.
- Personal cash withdrawals fell from record high in December of £979 million to £828 million in January (down 15%) but were up almost 6.5% year-on-year (£778 million, January 2024).
New figures released today (10 February) reveal that Post Offices handled £3.53 billion in cash transactions in January – even with the impact of Storm Eowyn impacting large parts of the country.
January and February are traditionally quieter months for cash transactions at Post Offices following the Christmas high. The £3.53 billion figure was still up almost £200,000 on January 2024 when Post Offices handled £3.37 billion.
In January, personal cash deposits totalled £1.57 billion, up 2.7% month-on-month (£1.52 billion, December 2024) and up 10% year-on-year (£1.42 billion, January 2024).
In January, business cash deposits totalled £1.11 billion, down 5% month-on-month (£1.17 billion, December 2024) following the busy Christmas period for the hospitality and leisure sectors; and down just over 3% year-on-year (£1.14 billion, January 2024) due to the impact of the storm.
Following a record month for cash withdrawals in December when they exceeded £1 billion over the counter, cash withdrawals totalled £858 million, with personal cash withdrawals accounting for £828 million. Personal cash withdrawals were up almost 6.5% year-on-year (£778 million, January 2024).
Ross Borkett, Post Office Banking Director, said: “Being able to access and budget with cash remains vital for millions of people every day, particularly in the New Year after a busy Christmas period. Many postmasters went to extraordinary lengths to keep their branches open and serving customers during the bad weather in January and that’s reflected in our figures with over £3.5 billion handled by postmasters and their teams last month.”