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 May 2021
Business cash deposits up over 7% in May at Post Offices; personal cash deposits and withdrawals hold steady during one of wettest May’s on record
- Total value of cash deposits and withdrawals at Post Offices totalled £2.49 billion in May, up on April (£2.45 billion)
- Business cash deposits in May totalled £824 million, up 7.2% month-on-month (£769 million, April 2021). In Scotland, business cash deposits were up almost 36% month-on-month (£68.7 million in May)
- Personal cash deposits exceeded £1 billion for the third successive month totalling £1.06 billion, broadly in line month-on-month (£1.07 billion, April 2021)
- Personal cash withdrawals totalled £583 million over the counter, similar to April (£589 million, April 2021)
- Post Offices are providing critical cash services to non-essential retailers who can rely on Post Office branches to deposit much needed cash takings as they are open long hours and many seven days a week
Latest data from the Post Office’s May Cash Tracker shows overall cash deposits and withdrawals increased month-on-month, highlighting that cash use continues to recover. Record levels of rainfall in May in parts of England and Wales contribute to flat personal cash deposits and withdrawals for first time since start of the year, but there was continued growth in business deposits.