While not quite reaching July’s record-breaking £3.77bn in cash deposits and withdrawals, Post Offices (POs) saw high demand for cash sustained throughout summer, with August transactions valued at £3.61bn.
Total cash deposits value fell to £2.7bn, a slight dip compared to July, but a YOY increase of +9.2%. Cash withdrawals amounted to £934m, an 8.1% rise YOY.
Personal cash deposits across the UK exceeded £1.52bn, reflecting a significant YOY increase of 13.74%. Business cash deposits also saw growth, reaching over £1.18bn across the UK, a 3.86% 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, stated the PO.
Across the UK there was a strong year-on-year increase for business and personal cash deposits and withdrawals. Scotland had a total cash deposits & withdrawal value for August 2024 of £249m. The country’s cash deposits were valued at £186m, down 0.8% MOM, but up 6.3% YOY. Its cash withdrawals value stood at £64m, up 1% MOM and rising 3.8% YOY.
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.”
