Personal cash withdrawals at post office counters up 8 per cent 

New figures today reveal Personal cash withdrawals exceeded £700 million at post office counters in February, up 8 per cent year-on-year and steady compared with January (£709m). 

Post Office is giving 1p from every cash withdrawal over the counter at its 11,500 branches to the Trussell Trust. Since November, over £275,000 has been raised so far and Post Office said it hopes to reach its £330,000 fundraising target by the end of March. 

The short month and the continuing cost of living and high street challenges, however, contributed to month-on-month falls in personal and business cash deposits. 

Personal cash deposits totalled £1.22 billion in February, down 12.7 per cent month-on-month (£1.4 billion, January 2023) but up 7 per cent year-on-year (£1.14 billion, February 2022). 

Business cash deposits totalled £985 million in February, down 9.7 per cent month-on-month (£1.09 billion, January 2023) but up 4.7 per cent year-on-year (£941 million, February 2022). 

In total, £2.93 billion in cash was deposited and withdrawn over the counter at Post Offices in February. This compares to £2.76 billion in February 2022. 

“Billions of pounds worth of cash continues to be deposited and withdrawn every month at post offices. Postmasters are supporting local communities and businesses by keeping their branches open long hours and providing a convenient and secure location to access cash,” Ross Borkett, head of banking at Post Office, said.  

“We are incredibly proud of our partnership with the Trussell Trust and to be raising vital funds for them while so many face a cost of living crisis. In particular I want to thank postmasters who have set up their own food bank donations points in their branches showing that they truly are at the heart of their communities.”