Demand for cash from Post Office remained strong throughout August, as both individuals and businesses continue to rely on it, shows data released today (9).
Post Offices handled £3.61 billion in cash deposits and withdrawals in August. The total cash deposits value totalled £3.6bn, a slight decline compared to July’s record-breaking numbers, but a year-on-year increase of 8.89 per cent. Cash withdrawals amounted to £13.4 million, a 4.5 per cent rise YoY.
Demand for cash amongst Post Office customers has remained strong throughout the summer months, with August’s £3.61bn figure just shy of the record breaking £3.77 billion in cash deposits and withdrawals in July, as well as two consecutive record-breaking months for cash handling at Post Offices in April (£3.49 billion) and May (£3.57 billion).
Personal cash deposits across the UK exceeded £1.52 billion, reflecting a significant year-on-year increase of 13.74 per cent. Business cash deposits also saw growth, reaching over £1.83 billion across the UK, a 3.86 per cent increase compared to the same period last year. These increases demonstrate the ongoing reliance on cash for both individuals and businesses in navigating their financial transactions.
Across the UK there was a strong year-on-year increase for business and personal cash deposits. Wales experienced a particularly strong year-on-year increase, with cash deposits reaching £223 million, reflecting a year-on-year increase of 10.62 per cent. In England, cash deposits reached £2.9 billion, experiencing a 9.47 per cent growth year-on-year. Northern Ireland experienced a 1.90% month-on-month increase in cash withdrawals, amounting to £527k for August 2024.
Ross Borkett, Banking Director at Post Office, said: "Our figures show that demand for cash remained strong through August, as both individuals and businesses continue to rely on it. Many individuals are turning to cash as a trusted method for managing their day-to-day expenses, while businesses continue to rely on physical transactions to adapt to market fluctuations and uncertainties.
"Postmasters and their teams play a crucial role in helping small businesses stay afloat by offering a secure and convenient place to deposit cash takings, with many branches offering extended hours and weekend availability.”
Post Office Cash tracker data – August 2024
| Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for August 2024 | |
| UK[1] | £3.61bn | -3.73% | +8.89% | £13.4m | -3.42% | +4.50% | £3.6bn |
| England | £2.9bn | -4.39% | +9.47% | £10.7m | -4.28% | +5.25% | £2.9bn |
| Scotland | £249m | -0.38% | +5.66% | £1.01m | +1.46% | -0.09% | £250m |
| Wales | £223m | -0.80% | +10.62% | £987k | -1.89% | +2.99% | £223m |
| Northern Ireland | £193m | -0.89% | +2.78% | £627k | +1.90% | +1.96% | £193m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 16 July, 66 hubs have been opened in partnership between Cash Access UK and the Post Office. 147 Banking Hubs have now been announced by LINK with further openings planned for later this year.