Cash transactions at post offices totalled £3.35bn in June – the highest level since last September, new data reveals.
The Post Office Cash Tracker Cash shows business and personal cash deposits totalled £2.48bn in June and business cash deposits totalled £1.17bn, up 3.7% year-on-year. The total volume of cash deposit transactions was up 2.4% month-on-month, and up 12.3% year-on-year.
Personal cash withdrawals were £836.21m in June, up 2.4% month-on-month and 12.5% year-on-year. The record cash transactions at post offices have been driven by continued bank branch closures.
Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and more than 500 bank branch closures have been announced for 2023 so far. Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their post office branch.
Martin Kearsley, Post Office Banking Director, said: “Postmasters continuing to handle well over £3bn each month demonstrates just how vital being able to deposit and withdraw cash securely and conveniently is for millions of people. These figures clearly show that Britain is anything but a cashless society and people are reliant on cash as the tried and tested way to manage a budget.”
Meanwhile, Post Office has collected almost £1.9m for long-affiliated charities BBC Children in Need and the Disasters Emergency Committee. Over 80% of all donations were made in cash, highlighting the important role cash plays in charitable giving.
Kearsley added: “I am delighted that despite the cost-of-living crisis, our wonderful customers continue to dig deep, giving close to £2m in donations through Post Office branches for the charities we support over the last year. With over 80% of those donations coming in as cash and coin, this shows just how important cash is to supporting charities and making sure everyone can provide financial donations to charities, however they want to pay.”
