More money than ever – Post Office is the new local bank

New figures today reveal Post Offices handled over £3.2 billion in cash in June. This was the fourth successive month where over £3 billion has been deposited and withdrawn in a single month.

Personal cash deposits totalled £1.33 billion in June compared with £1.35 billion in May. In Northern Ireland, personal cash deposits exceeded £100 million in a single month for the second month in a row with £100.2 million deposited. Personal cash deposits are far higher in Northern Ireland than in Scotland (£90.0 million) or Wales (£68.4 million).

Business cash deposits totalled £1.11 billion in June compared with £1.13 billion in May. This was the fourth month in a row business cash deposits had exceeded £1 billion in a single month.

Personal cash withdrawals totalled £744 million in June, dipping 3.4 per cent month-on-month (£770 million, May 22).

Overall, £3.21 billion in cash was handled by Post Offices in June. This compares with £3.27 billion in May, £3.14 billion in April and £3.2 billion in March.

A new Post Office poll has found that one in five UK consumers will use cash instead of card payments to help with budgeting in light of the rising cost of living. Over a third of respondents (36 per cent) said they would cancel entertainment and leisure subscriptions such as Netflix or the gym. As many more people choose to control their household budgets by spending only what they physically have in their hands, Post Office is once again running its “Save Our Cash” campaign in July.

“Postmasters continuing to handle well over £3 billion each month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people,” said said Martin Kearsley, Banking Director at Post Office. “Many people will be budgeting now for further financial pressures expected in the autumn. Using cash to budget has been tried and tested for hundreds of years and it’s why we are running our ‘Save our Cash’ campaign to highlight just how important being able to budget with cash is for so many people.”