New figures today reveal cash transactions totalled £3.33 billion at Post Offices in July – a slight fall on June’s £3.35 billion – which the Post Office suggests may be a sign that consumers started tightening their belts last month.
Personal cash withdrawals totalled £815 million in July, down 2.5 per cent month-on-month (£836 million, June 2023) but still up 1.8 per cent year-on-year (£801 million, July 2022).
Business cash deposits totalled £1.14 billion in July, down 2.5 per cent month-on-month (£1.17 billion, June 2023) and the figure was flat year-on-year.
In contrast, personal cash deposits totalled £1.34 billion which was up 2.4 per cent month-on-month (£1.31 billion, June 2023). Personal cash deposits in July were at their highest level since January 2023 when £1.38 billion was deposited.
Martin Kearsley, Post Office Banking Director, said, “Small reductions in cash withdrawals and business cash deposits in what is normally a very busy summer month is an indication consumers may have started tightening their belts – or may just reflect the poor weather. The increase in personal cash deposits suggests people could be putting some money aside for summer staycations or possibly for a more financially constrained autumn. Last August, we saw our highest ever business cash deposit totals and we’ll be monitoring this month’s figures closely as a guide to how confident consumers are feeling when it comes to parting with their cash on hospitality and leisure activities.”
In August 2022, business cash deposits alone totalled £1.21 billion, the first and only time so far that business cash deposits have exceeded £1.2 billion in a single month.
The over £3 billion worth of cash transactions at Post Office branches have been driven by continued bank branch closures, highlighting the importance of Post Offices within communities. Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and over 500 bank branch closures have been announced for 2023 so far.
Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their Post Office branch.
Post Office Cash tracker data – July 2023
|Cash deposits value (business & personal)||MOM%||YOY%||Cash withdrawals value (business & personal)||MOM%||YOY%||Total cash deposits & withdrawal value for July 2023|
Business cash deposits
Personal cash deposits
Personal cash withdrawals