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 public consultation on Access to Cash that Her Majesty's Treasury held closed recently. You can read our response to this consultation here.
Cash deposits and withdrawals on course to top £3 billion a month at Post Offices
- Post Offices handled almost £3 billion in cash deposits and withdrawals in a single month (£2.99 billion, September 2021)
- Post Offices have already had the busiest first week for cash ever in October and deposits and withdrawals expected to exceed £3 billion this month
- The £2.99 billion figure is the highest ever in a single month so far and demonstrates that despite impending contactless increase to £100, millions of people and businesses rely on cash daily
- The continuation of bank branch closures sees thousands of their customers directed to Post Offices for their cash needs and they’re staying with Post Office where many branches are open long hours and at weekends
- Post Offices handled £1.06 billion in business cash deposits in September, up over 3% month-on-month (£1.03 billion, August 2021) and up over 9.5% up on a year ago (£965 million, September 2020)
- Personal cash deposits were over £1.2 billion in September whilst £685 million was withdrawn over the counter at Post Office’s 11,500 branches
Post Offices in September handled almost £3 billion in cash deposits and withdrawals.
As banks continue to close branches or announce forthcoming closures, Post Office expects to shortly exceed £3 billion in monthly cash deposits and withdrawals for the first time in its 360-year history.
Despite the impending increase to contactless payments from £45 to £100 this Friday (15 October), £1.06 billion was deposited by business customers in September. This was up 3.1% month-on-month (£1.03 billion, August 2021) and up 9.6% year-on-year (£965 million).