Record £3.23 billion in cash handled at Post Offices

Post Offices handled a record £3.23 billion in cash in May, new figures revealed today (13). This was the third successive month where over £3 billion has been deposited and withdrawn in a single month.

Personal cash deposits totaled £1.35 billion in May, up over 7 percent month-on-month (£1.26 billion, April 22) and the highest amount recorded in a single month. In Northern Ireland, personal cash deposits exceeded £100 million in a single month for the first time ever with £100.2 million deposited, up almost 8 percent month-on-month. Personal cash deposits are far higher in Northern Ireland than in Scotland (£91.4 million) or Wales (£70 million).

Business cash deposits totaled £1.13 billion in May, up almost 2 percent month-on-month (£1.10 billion, April 22) and the highest recorded in a single month. This was the second month in a row business cash deposits had exceeded £1.1 billion in a single month.

Personal cash withdrawals totalled £770 million in May, up 2.7 percent month-on-month (£750 million, April 22). Personal cash withdrawals were up a third year-on-year (£583 million, May 21) when the UK was exiting Covid-19 related restrictions.

Last month, the Government announced that legislation would be introduced to protect access to cash. Post Office welcomes the Government’s announcement and want to see legislation that protects the full cash cycle, including cash withdrawals to the penny, as many more people choose to control their household budgets by spending only what they physically have in their hands. Post Office will once again run its ‘Save Our Cash’ campaign in July.

Martin Kearsley, Banking Director at Post Office, said: “Postmasters handling a record £3.23 billion in cash, in a single month, demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people. Millions continue to struggle during the Cost of Living crisis and need to be able to withdraw cash to the penny. We have welcomed Government’s recent announcement about forthcoming legislation to protect cash. Now we need to see the details to ensure those who rely on cash can continue to do so for many years to come.”

Many Post Offices across the UK were open across The Queen’s Platinum Jubilee weekend and they handled over £156 million in cash over the four-day Bank Holiday weekend Saturday. Post Offices played a vital role supporting small businesses and the hospitality sector to deposit cash takings over the Bank Holiday. Deposits increased from £20 million on Friday 3 June to £66 million on Saturday 4 June.

Post Offices have continued to support the DEC Humanitarian Appeal for Ukraine since it launched on 2 March. Since then more than £2 million has been donated at Post Office’s 11,500 branches, with £1.4 million being in cash.