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.
Record amount withdrawn at Post Offices in July – up 14% year-on-year as consumers continue to spend their cash
- A record £665 million in personal cash withdrawals took place at Post Office counters in July, up 14.3% on July 2020 (£582 million).
- Cash withdrawals in July were the highest for any month recorded at the Post Office excluding the traditionally busy December period.
- Total value of cash deposits at Post Offices totalled £2.18 billion, similar to the previous month (£2.21 billion, June 2021)
- Business cash deposits exceeded £1 billion for second month in a row
- Personal cash deposits exceeded £1 billion for the fifth month in a row
- Post Offices are providing critical cash services to people and businesses that use it to budget, save and survive. As part of its ‘Save Our Cash’ campaign, Post Office has 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Post Office saw the highest ever amount of cash withdrawn from its 11,500 branches outside of the traditionally busy December period, according to the latest date from its Cash Tracker.
In total, £2.87 billion was deposited and withdrawn in cash in July, identical to the amount in June (also £2.87 billion). Business cash deposits exceeded £1 billion for the second month in a row and personal cash deposits exceeded £1 billion for the fifth month in a row. Both saw slight dips compared with June. However, personal cash withdrawals were up 4.6% month on month which resulted in cash deposits and withdrawals being identical month-on-month.