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    Cash transactions at Post Offices set new record for second month

    (Photo by Dan Kitwood/Getty Images)

    Post Offices have set a new record for cash transactions at its branches for the second month in a row, new figures released today (10).

    Post Offices handled £3.57 billion worth of cash deposits and withdrawals in May. This beat the previous record set the month before when £3.48 billion worth of cash was handled (April 2024). Personal cash deposits totalled £1.46 billion in May, up 12 per cent year-on-year (£1.30 billion, May 2023). There was a 1 per cent increase month-on-month (£1.45 billion, April 2024).

    Personal cash withdrawals totalled £889 million in May, up 9% year-on-year (£817 million, May 2023). There was a 6.6 per cent increase month-on-month (£834 million, April 2024).

    Business cash deposits totalled£1.19 billion in May. This was almost flat year-on-year, up 1 per cent (£1.18 billion, May 2023) and up 1.3 per cent month-on-month (£1.18 billion, April 2024).

    The Post Office recently partnered with Monzo to expand its Everyday Banking services, offering cash deposit facilities for Monzo customers at all branches nationwide. The partnership continues to contribute positively to the total value of cash deposits.

    Ross Borkett, Banking Director at Post Office, said, “Millions of people continue to come to our branches every week as they are frequently the only place where people can do their everyday banking at a time that is convenient for them. Postmasters keep their branches open long hours and customers welcome being able to securely do their banking whilst being served by a friendly and knowledgeable Postmaster.

    “A double digit increase in personal cash deposits year-on-year and a similar increase in personal cash withdrawals shows that many people continue to rely on cash to manage their personal finances.”

    Post Office Cash tracker data – May 2024

     Cash deposits value (business & personal)MOM%YOY%Cash withdrawals value (business & personal)MOM%YOY%Total cash deposits & withdrawal value for May2024
    UK[1]£2.65bn+1.1%+6.8%£923.4m+6.8%+9.0%£3.58bn
    England£2.21bn+1.0%+7.2%£722.4m+6.4%+9.8%£2.93bn
    Scotland£178.7m+2.4%+4.1%£64.0m+8.3%+6.6%£242.7m
    Wales£137.5m+1.1%+8.4%£73.2m+7.1%+9.1%£210.7m
    Northern Ireland£129.7m+1.6%+0.8%£63.7m+9.4%+2.8%£193.4m

    Business cash deposits

    Cash transactions at Post Offices set new record for second month

    Personal cash deposits

    Cash transactions at Post Offices set new record for second month

    Personal cash withdrawals

    Cash transactions at Post Offices set new record for second month

    Banking Hubs

    As at 30 May, 53 hubs have been opened in partnership between Cash Access UK and the Post Office. 132 Banking Hubs have now been announced by LINK with further openings planned for later this year.

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