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 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Post Office saw the highest ever amount of cash deposited and withdrawn from its 11,500 branches nationwide in June, according to the latest data from its Cash Tracker.
In total, £2.87 billion was deposited and withdrawn in cash in June with personal cash deposits exceeding £1 billion for the fourth month in a row (£1.2 billion in June); and business cash deposits exceeding £1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.