Post offices had their busiest month of the year for personal cash withdrawals in November, new data reveals.
The data shows personal cash withdrawals across Post Office’s 11,500 branches totalled £878m in November, up 7% month-on-month, and up 5% year-on-year.
In addition, personal cash deposits totalled £1.29bn in November compared with £1.32bn a month earlier, up slightly on last year (£1.27bn).
The Post Office data reveals business cash deposits totalled £1.11bn in November compared with £1.12bn in October. Business cash deposits had also dipped compared with last year (£1.13 bn).
In total, £3.3bn in cash was deposited and withdrawn over the counter at post offices in November – this was almost identical to a month earlier.
Overall, the volume of cash deposit transactions was up more than 450,000 year-on-year (+8.5%) indicating that businesses in particular are responding to bank-imposed cash limits by depositing smaller values but at higher volumes at their local Post Office.
Ross Borkett, Post Office Head of Banking, said: “The increase in cash withdrawals last month coincide with other research which all indicates that some people are increasingly turning to cash in order to manage their budgets.”
