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 April 2021
Business cash deposits up almost 9% in April at Post Offices
- Total value of cash deposits and withdrawals at Post Offices totalled £2.45 billion in April, in line with March (£2.44 billion)
- Business cash deposits in April totalled £769 million, up 8.8% month-on-month (£707 million, March 2021) as non-essential businesses re-opened on 12 April
- Personal cash deposits exceeded £1 billion for the second successive month totalling £1.07 billion, dipping 3.8% month-on-month (£1.12 billion, March 2021)
- Personal cash withdrawals remained steady with £589 million withdrawn over the counter, the same amount as March 2021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 April Cash Tracker shows cash deposits and withdrawals remained steady month-on-month, highlighting that cash use continues to recover following the opening of non-essential retail on April 12.