Cash Tracker - June 2021

Post Office Cash Tracker for June 2021

Record amount deposited at Post Offices in June; business cash deposits exceed £1 billion for first time in over 18 months as consumers spend their cash after over a year of restrictions

  • Total value of cash deposits at Post Offices totalled £2.2 billion, up 17% compared with May (£1.89 billion). This is the highest amount ever deposited in a single month.
  • Business cash deposits exceeded £1 billion for the first time since October 2019 and up almost 24% month-on-month (May 2021, £826 million).
  • Increase in business cash deposits comes after new Post Office research found 70% of UK small businesses see cash use as important to the future of the UK high street.
  • Personal cash withdrawals total £636 million, highest amount since March 2020 (£634 million).
  • Post Offices are providing critical cash services to people and businesses that use it to budget, save and survive. Last week as part of its ‘Save Our Cash Day’, Post Office called on Government to speed up the delivery of the necessary legislative and regulatory frameworks which must underpin the long-term future of the cash system.

Post Office saw the highest ever amount of cash deposited and withdrawn from its 11,500 branches nationwide in June, according to the latest data from its Cash Tracker.

In total, £2.87 billion was deposited and withdrawn in cash in June with personal cash deposits exceeding £1 billion for the fourth month in a row (£1.2 billion in June); and business cash deposits exceeding £1 billion for the first time in over 18 months, totalling £1.02 billion in June. The last time business deposits exceeded £1 billion, excluding Christmas, was October 2019 (£1.05 billion). Personal cash withdrawals were at their highest level since March 2020.

Personal cash deposits
Personal cash deposits exceeded a billion pounds for the fourth successive month. In June, £1.2 billion was deposited over the counters, which is a record amount at Post Offices and was up 12% month-on-month (£1.06 billion in May).

Personal cash withdrawals
Personal cash withdrawals totalled £636 million in June, the highest amount withdrawn from Post Office counters since March 2020 (£634 million), excluding Christmas. Personal cash withdrawals were up over 9% month-on-month. Research published last week by the Post Office found that 72% of UK consumers believe that cash is an important consumer right.

Business cash deposits
Business cash deposits were up almost 24% month-on-month as the economy continued to unlock in June and consumers returned to the High Street.

A Post Office survey of more than 500 UK small businesses last week revealed that two thirds (66%) feel that the continued use of cash is important to the recovery of the UK retail industry post-lockdown. Nearly 1 in 5 (18%) said that they depended on their local Post Office branch for cash and banking services.

The previous highest month for business cash deposits, since the Covid-19 pandemic reached the UK was September 2020 (£965 million). Pre Covid, the highest amount ever deposited, excluding Christmas, had been £1.13 billion in July 2019.

Business cash withdrawals

Post Office saw the highest ever amount of cash deposited and withdrawn from its 11,500 branches nationwide in June, according to the latest data from its Cash Tracker.

In total, £2.87 billion was deposited and withdrawn in cash in June with personal cash deposits exceeding £1 billion for the fourth month in a row (£1.2 billion in June); and business cash deposits exceeding £1 billion for the first time in over 18 months, totalling £1.02 billion in June. The last time business deposits exceeded £1 billion, excluding Christmas, was October 2019 (£1.05 billion). Personal cash withdrawals were at their highest level since March 2020.

Combined Personal & Business deposits

Combined Personal & Business withdrawals

Whilst personal cash deposits in Scotland, Wales and Northern Ireland continue to exceed pre-Covid levels of deposits seen in January 2020, business cash deposits have not yet fully recovered to pre-Covid levels.

In Wales, business cash deposits totalled £49.3 million in June 2021 broadly the same as pre Covid, £49.9 million in January 2020. However, in Scotland, business cash deposits totalled £83.3 million in June 2021, compared with £103 million in January 2020. In Northern Ireland, they totalled £31.9 million in June 2021, compared with £41.2 million in January 2020.

Business deposits

 

Personal deposits

Combined deposits

In Northern Ireland and Wales, cash withdrawals exceeded pre-Covid levels of March 2020, whilst in Scotland the amount withdrawn in June 2021 (£50.2 million) was almost the same as the amount withdrawn in March 2020 (£51.6 million).

Business withdrawals

Personal withdrawals

Combined withdrawals