A new record for Post Office cash transactions has been set for the second month in a row, with £3.57 billion worth of cash deposits and withdrawals handled in May.
This surpasses the previous record set in April when Post Offices handled £3.48 billion worth of cash.
Personal cash deposits totalled £1.46 billion in May, up 12% year-on-year (£1.30 billion, May 2023). There was a 1% increase month-on-month (£1.45 billion, April 2024).
Personal cash withdrawals totalled £889 million in May, up 9% year-on-year (£817 million, May 2023). There was a 6.6% increase month-on-month (£834 million, April 2024).
Business cash deposits totalled £1.19 billion in May. This was almost flat year-on-year, up 1% (£1.18 billion, May 2023) and up 1.3% month-on-month (£1.18 billion, April 2024).
The Post Office recently partnered with Monzo to expand its Everyday Banking services, offering cash deposit facilities for Monzo customers at all branches nationwide. The partnership continues to contribute positively to the total value of cash deposits.
Ross Borkett, Banking Director at Post Office, said:
“Millions of people continue to come to our branches every week as they are frequently the only place where people can do their everyday banking at a time that is convenient for them. Postmasters keep their branches open long hours and customers welcome being able to securely do their banking whilst being served by a friendly and knowledgeable Postmaster.
“A double digit increase in personal cash deposits year-on-year and a similar increase in personal cash withdrawals shows that many people continue to rely on cash to manage their personal finances.”
