Cash withdrawals at post offices hit fresh high

Over £3.3 billion in cash was deposited and withdrawn over Post Office counters in July, the first time figures have crossed the £3.3 billion threshold in the network’s history.

Post offices handled a record £801 million in personal cash withdrawals, up almost 8 per cent month-on-month (£744 million, June 2022) and up over 20 per cent year-on-year (£665 million, July 2022).

Post Office has attributed the record amount for personal cash withdrawals at its 11,500 branches to more Brits choosing to have staycations in the UK as well as people increasingly turning to cash to manage their budget on a week-by-week basis and often on a day-by-day basis.

In July, Post Office also processed over 600,000 cash payouts for people eligible to receive energy bill support from the UK government, totalling around £90 million.

Personal cash deposits totalled £1.35 billion in July, up 2 per cent month-on-month (£1.33 billion, June 2022). Business cash deposits totalled £1.13 billion, up 1.9 per cent month-on-month (£1.11 billion, June 2022).

In total, a record £3.31 billion in cash deposits and withdrawals were handled at Post Office in July, £100 million higher than in June, £3.21 billion.

“Our latest figures clearly show that Britain is anything but a cashless society. We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget,” Martin Kearsley, Banking Director at Post Office, said.

“Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical. Postmasters handling over £3.3 billion in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”