Personal cash deposits
Personal cash deposits were at an all-time high in March, totalling £1.1 billion and broke the previous record last September when £1 billion was deposited by personal customers. Personal cash deposits this March were also higher than before the Covid-19 pandemic struck the UK.
Personal cash deposits were up 22% month-on-month and 20% higher compared with January. Post Office attributes this to its presence within local communities and remaining open and for longer hours to support the needs of local customers and businesses, at a time when some banks have operated reduced hours or announced branch closures.
Personal cash withdrawals
Personal cash withdrawals in March amounted to £590 million in March. This was the highest amount withdrawn from Post Office counters since last September (£591 million), excluding December and the impact of Christmas.
Personal cash withdrawals were up 22% month-on-month and up 27% compared with January this year. The figures are down compared to before the Covid-19 pandemic struck the UK. However, they continue to demonstrate the importance of cash and withdrawals are expected to increase significantly again in April as non-essential retail opens.
Business cash deposits
Business cash deposits in March amounted to £707 million March. This was the highest deposited at Post Offices since last November (£719 million), excluding December and the impact of Christmas.
Business cash deposits were up 21% month-on-month and up 22% compared with January this year. Post Office attributes the increase in business cash deposits to their ability to adapt their business models during lockdown and finding new ways to continue trading.
Overall, cash deposits and withdrawals by personal and business customers amounted to £2.4 billion in March. This compares to £1.99 billion in January and £2.00 billion in February.
Combined Personal & Business deposits
Combined Personal & Business withdrawals
The chart below shows the cash deposits (for Personal, Business and Personal & Business combined) breakdown, as at end March 2021, for the the four nations (England, N Ireland, Scotland and Wales).
This chart shows the cash withdrawals (for Personal, Business and then Personal & Business combined) breakdown, as at end March 2021, for the the four nations (England, N Ireland, Scotland and Wales).