Cash Tracker - February 2021

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 February 2021

February cash deposits flat month-on-month during lockdown, while personal cash withdrawals up 4.6%

  • Personal and business cash deposits at Post Offices totalled £1.5 billion in February, down 0.7% compared with January and down 13.3% year-on-year (£1.73 billion)
  • Business cash deposits totalled £586 million. This was down 34% compared with February last year (£890 million). For comparison, in January there was a 40% fall in business cash deposits year-on-year (£582 million in January 2021 as opposed to £981 million in January 2020)
  • Personal cash withdrawals totalled £484 million in February. This was up 4.6% compared with January (£463 million). The figure is almost 22% down on the same month last year (£618 million) before the outbreak of Covid-19 in the UK
  • 99% of Post Offices remain open throughout this national lockdown, providing customers with essential banking, mails and bill payments services

Latest data from the Post Office’s February Cash Tracker continues to show the impact the Covid-19 pandemic is having on small businesses and the self-employed. Whilst cash deposits overall were flat month-on-month, business cash deposits were down 34% compared to February 2020.

In February, personal cash withdrawals amounted to £484 million. That was up 4.6% on January (£463 million). The amount withdrawn remains higher during this lockdown in comparison with the first UK-wide lockdown when cash withdrawals fell to £370 million in April 2020 and £450 million in May 2020.

Personal Cash withdrawals

Personal Cash deposits

Business cash deposits totalled £586 million last month. That compares to £582 million that was deposited in January. Post Office data indicates businesses have been better prepared for this third UK-wide lockdown compared with the first UK one in Spring last year when business deposits fell to £313 million in April. They totalled £345 million in May and £493 million in June before recovering over the summer.

Business Cash withdrawals

Business Cash deposits

Overall, cash deposits and withdrawals by personal and business customers amounted to £2.00 billion in February. This compares to £1.99 billion in January.

Combined Personal & Business withdrawals


Combined Personal & Business deposits

The chart below shows the cash deposits (for Personal, Business and Personal & Business combined) breakdown, as at end February 2021, for the the four nations (England, N Ireland, Scotland and Wales).

Business deposits

Personal deposits

Combined (personal & business) deposits

This chart shows the cash withdrawals (for Personal, Business and then Personal & Business combined) breakdown, as at end February 2021, for the the four nations (England, N Ireland, Scotland and Wales).

Business withdrawals

Personal withdrawals

Combined withdrawals