Personal cash withdrawals and deposits up over 5% in December

Press releases   •   Jan 12, 2021 10:53 GMT

  • Over £1.6 billion was withdrawn and deposited by personal customers at Post Office’s 11,500 branches in December. Over 5% (£91 million) more compared with November
  • Personal cash withdrawals in December totalled £640.7 million, up 14% on November when much of the UK was in lockdown. Personal cash deposits totalled £978.6 million, up 1.3% on November
  • Post Offices are open long hours throughout the latest national lockdown and provide personal and business customers a convenient and secure location to do their everyday banking
  • Overall, cash deposits and withdrawals by personal and business customers amounted to £2.43 billion in December. Only 10% down on same month last year despite varied levels of Covid-19 related restrictions last month
  • In 2020, £19.6 billion was deposited by personal and business customers at Post Offices. £7 billion was withdrawn by personal and business customers.

Post Offices in December saw the highest amount of personal cash withdrawals over the counter all year, according to the latest Post Office Cash Tracker.

In total, £640.7 million was withdrawn by personal customers, the highest amount since the first UK-wide lockdown was introduced when £634.3 million was withdrawn in March. The December figure was up 14% compared with November when much of the UK was in lockdown (£562.2 million).

Personal cash deposits totalled £978.6 million, up 1.3% on November (£966 million). Business cash deposits at Post Office’s 11,500 branches were also up in December. They totalled £788.3 million, up 9.6% compared with November (£719.5 million)

The run-up to Christmas traditionally sees increased cash deposits and withdrawals compared to previous months. Overall, cash deposits and withdrawals by personal and business customers amounted to £2.43 billion in December. This was just under 10% down in value from this time last year despite lockdown restrictions across the UK impacting small businesses and the cash-reliant hospitality sector in particular.

Commenting on December’s data, Martin Kearsley, Director of Banking at the Post Office, said:

“December is traditionally a busy time for Postmasters as more people come in to deposit and withdraw cash compared with any other month. This remained the case, despite Covid-19 restrictions in many parts of the UK at the time. Our data indicates that millions of people relied on cash, as withdrawals rebounded from November’s lockdown, and customers took cash out to give as gifts to loved ones or to ensure they had money for purchases in the run-up to Christmas.”

In 2020, £19.6 billion was deposited by personal and business customers at Post Offices. £7 billion was withdrawn by personal and business customers.

Martin Kearsley commented:

“Our data shows that with more people living and working at home, 2020 was the year that many discovered they could deposit and withdraw cash at the counter of their local Post Office. Despite the introduction of lockdowns, Post Offices remain open and our branch network has provided a lifeline to small businesses in particular that have needed somewhere open long hours to deposit their cash takings.”

Post Office Cash tracker data – December 2020

Cash deposits value (business & personal) MOM% YOY% Cash withdrawals value (business & personal) MOM% YOY% Total cash deposits & withdrawal value for December 2020
UK[1] £1.77bn +4.8% -10.3% £664.8m +14.0% -9.0% £2.43bn
England £1.41bn +5.1% -8.5% £518.5m +13.8% -9.8% £1.93bn
Scotland £147.4m +3.9% -22.9% £54.3m +15.3% -6.4% £201.7m
Wales £95.1m +5.1% -12.6% £55.0m +11.2% -9.9% £150.1m
Northern Ireland £110.1m +2.8% -10.9% £37.1m +18.6% +0.4% £147.nm

Business cash deposits

Personal cash deposits

Personal cash withdrawals

For further data and analysis, visit www.corporate.postoffice.co.uk/cashtracker

Ends

About Post Office Cash Tracker and access to cash

Data included in this press release reflects cash services used under the Banking Framework. Over 30 banks and building societies are part of the Banking Framework which enables their customers to withdraw or deposit cash at any of the Post Office’s 11,500 branches. The figures exclude Post Office Card Account withdrawals.

Post Office is central to the success of the Community Access to Cash Pilots initiative led by Natalie Ceeney, Chair of the Access to Cash Review. Pilots will run in nine local communities to trial how to improve their access to cash, three of which will be trialling a new concept branch – a ‘BankHub’ – providing dedicated retail space on the high street, combining the cash-transaction facilities of a Post Office with access to community banking services offered by retail banks. Post Office is also refurbishing branches or providing pop up services in the remaining areas.

[1]Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK. 

About the Post Office

  • With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
  • Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
  • Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
  • Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; andbill payments services.
  • Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
  • 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.

Read more »

Post Office Christmas Trading Statement

Press releases   •   Jan 11, 2021 11:31 GMT

Post Office Christmas Trading Statement

Post Office Unveils Independent Process for Historic Appointment of two Postmasters as Board Directors

Press releases   •   Jan 04, 2021 10:03 GMT

  • Two serving Postmasters will be appointed to Post Office Board as Non-Executive Directors
  • Postmasters on the Board builds on Chief Executive’s determination to reset relationship with Postmasters
  • Creation of an independent selection panel, appointment of Civica Elections Services and consultancy Green Park ensures a transparent and independent process
  • New NEDs due to start in April 2021

Applications open today (Monday 4 January) for two serving Postmasters to join the Board of Post Office as Non-Executive Directors for the first time in its history. The progressive decision will ensure that the experience and interests of 8,000 Postmasters are directly reflected in the decisions of the Post Office’s main Board. The appointments are a key milestone in the sustained re-set of the relationship with Postmasters, placing them front and centre of the business.

To reinforce the Post Office’s commitment to ensuring Postmasters’ voices are well represented at Board level, the Board and Shareholder have made the decision to increase the number of serving Postmaster Non-Executive Director (NED) roles to two. This will further strengthen the Non-Executive Directors’ input on all issues as they help shape the future direction of the Post Office.

Key to the success of these appointments is the governance put in place to ensure a transparent and independent selection process. An independent committee comprising leading industry figures: James Lowman, CEO, Association of Convenience Stores; Shirine Khoury-Haq, CFO at the Co-op Group; and Jean Church MBE, Council Member at the Institute of Directors has been appointed. All will contribute a wealth of convenience retailing, financial and independent executive level experience. The voting process will be overseen by Civica Elections services (formerly Electoral Reform Services), and Green Park consultants, specialists in board appointments, who will advise on best practice across the process.

Process

Applications will be open for four weeks and require interested serving postmasters to submit a CV and a short personal statement. Postmasters will need to have a minimum three years’ experience to apply. They will also need to demonstrate evidence of strong customer service and operational conformance.

The applications will be scrutinised by independent recruitment specialists, Green Park, and a selection then put forward for interview by the Independent Panel. A shortlist of candidates will then be put to a vote of Postmasters in March 2021. The election will be overseen by Civica Elections Services. Ahead of the election there will be the opportunity for postmasters [and multiple partners] to learn more about the shortlisted candidates, with an option to vote online or request a postal ballot. The Post Office will announce further details over the coming weeks.

The two candidates with the most votes will then be recommended to the Board and to the Secretary of State for Business, Energy and Industrial Strategy for final approval.

Induction and training:

In keeping with the responsibilities Non-Executive Directors have in any business, the role requires balancing the interests of all customers and stakeholders (Postmasters), the business (Post Office Ltd) and the shareholders (UK Government) in promoting the interests of the company as a whole. The Postmasters appointed to the role will receive an extensive induction and training programme, covering the corporate and legal aspects of fulfilling the duties of a Non-Executive Director.

The successful Postmaster NEDs will join the Board in April 2021, at the start of the new financial year for Post Office.

Nick Read, Chief Executive of the Post Office, said:

“Having two serving Postmasters on our Board sends the clearest signal yet of our determination to ensure Postmasters really are at the heart of our business, and this election is another vital milestone in resetting our relationship with Postmasters. The transparent and independent selection process, led by external industry experts, will ensure the Board is able to benefit from the counsel and input of the most suitable candidates.”

“To sit on the Board of any company carries great responsibility, a responsibility I know our Postmasters will be well placed to fulfil. I have been encouraged by the interest from Postmasters in applying and look forward to working with our two new Non-Executive Directors in March.”

About the Post Office

  • With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
  • Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
  • Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
  • Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and bill payments services.
  • Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
  • 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.

Applications open today for two serving Postmasters to join the Board of Post Office as Non-Executive Directors for the first time in its history.

Read more »

Parcels being sent to the EU countries must have custom declaration form attached warns Post Office

Press releases   •   Dec 29, 2020 07:00 GMT

  • From Tuesday 29 December anyone posting a parcel to an EU country must attach a customs declaration form to their parcel in order for it to be sent
  • New requirement, following UK exit from Customs Union, applies to anyone posting a parcel from England, Scotland or Wales to an EU country. Does not apply to anyone posting from Northern Ireland
  • Around 45% of the total international parcel traffic received by Post Offices in Great Britain goes to EU destinations
  • Letters not impacted and do not require a customs declaration
  • Postmasters at Post Office’s 11,500 branches on hand to provide practical advice on what’s required in order for parcels to be accepted

Post Office customers in Great Britain are being warned that from Tuesday 29 December, any parcel containing gifts or goods that is being sent to an EU country must have a customs declaration form attached to it.

The UK’s exit from the Customs Union means that customs declarations which apply to non-EU countries has been extended to EU counties. A form does not have to be completed if customers are sending a letter, postcard or document to an EU country.

Around 45% of the total international parcel traffic received by Post Offices in Great Britain goes to EU destinations. Post Office is advising its customers that they can pick up customs forms at its branches and complete them at home before returning to their Post Office to hand over their parcels in order to save themselves time.

Amanda Jones, Retail and Franchise Network Director, said:

“We know that over the past few weeks, many people will have been preoccupied with thoughts about Christmas and the pandemic. Postmasters are on hand to provide practical advice, particularly to small businesses, who regularly send parcels to the EU. Customers should also look out for a leaflet in branches that has information about the new customs declaration requirement."

The new requirement applies to anyone posting a parcel from England, Scotland or Wales to EU destinations. This was already a requirement when posting a parcel to non-EU destinations. Whilst this requirement comes into effect on 1 January 2021, Post Office advises that customs labels are attached from 29 December so that customers can be sure their parcel has the correct documentation in case there are delays to their parcel arriving at their EU destination.

Customers posting a parcel from Northern Ireland to EU destinations are not required to attach a customs declaration form. However, they must continue to do so for parcels going to non-EU destinations.

Travelling to the EU

The UK’s exit from the Customs Union means that anyone thinking of travelling to an EU destination should spend time preparing for their trip.

Commenting on what travellers need to consider if thinking of a visiting an EU destination next year, Amanda Jones said:

“From 1 January, a number of changes will come into effect that means it’s more important than ever to be fully prepared for a trip to an EU destination. Whilst travel will be limited at the start of the year, Post Offices are that one-stop shop where travel insurance, International Driving Permits and foreign exchange can all be purchased in one go.”

European Health Insurance Card and travel insurance

The European Health Insurance Card (EHIC) will no longer be valid for UK citizens. This places greater emphasis on the need for travel insurance with health cover for trips to the EU.

It’s particularly important for those with a pre-existing medical condition to get the right cover. This is because the EHIC scheme covers pre-existing conditions, while many travel insurance policies do not.

Driving in the EU

Depending on which part of the EU someone is driving in, an International Driving Permit may be required. These are available to purchase at 3,000 Post Offices. The nearest branch offering this service can be found at postoffice.co.uk/branch-finder

Passports

Anyone thinking of travelling to an EU destination should check the validity of their passport before they leave. Travellers should have at least 6 months validity on their passport at the time of arrival. The Post Office has digital check and send services at 700 branches. The nearest branch offering this service can be found at postoffice.co.uk/branch-finder

Taking pets to the EU

Pet passports will not be valid from 1 January 2021. The process for taking a pet abroad could take as long as four months, and possibly longer. If the UK is categorised as an ‘unlisted’ country a pet will require EU-verified vaccination against rabies. Once a pet is vaccinated in the UK, its blood sample needs to be verified by an EU-approved testing facility. 

About the Post Office

  • With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
  • Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
  • Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
  • Post Office is simplifying its proposition for Postmasters with a focus on itscash and banking; mails and parcels; foreign exchange; andbill paymentsservices.
  • Researchhas found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
  • 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.

Read more »

UK’S Oldest postmistress (93) makes difficult decision to retire from the job she has loved for 60 years

News   •   Dec 28, 2020 09:45 GMT

Claverley Postmistress, Kay White, who is the UK’s oldest Postmistress, has made the difficult decision to retire at 93-years-old after one last Christmas serving customers.

Post Office Limited and Royal Mail agree new long-term commercial agreement

Press releases   •   Dec 17, 2020 11:08 GMT

Post Office Limited (POL) and Royal Mail plc (RMG.L) have confirmed today that both parties have reached agreement on a new long-term commercial agreement.

Royal Mail and Post Office entered into a long-term commercial agreement in 2012 in readiness for the separation of the two businesses. This new commercial agreement, known as the second Mails Distribution Agreement, reaffirms the long-term commercial partnership between the two companies.

Royal Mail and Post Office are uniquely placed to offer our customers the widest range of ‘one price goes anywhere’ universal postal services through an extensive UK-wide network. The agreement between Royal Mail and the Post Office means our customers will continue to benefit from being able to purchase a wide range of Royal Mail and Parcelforce Worldwide products through the Post Office’s extensive branch network. Together, Post Office and Royal Mail have the UK’s most comprehensive postal network: the Post Office has 11,500 branches with 4,000 open all weekend, and Royal Mail has c.1,200 customer service points, 115,000 post boxes and its postmen and women deliver letters and parcels to more than 31 million UK addresses and to countries around the world.

The new agreement will commence on 29 March 2021 and operate at least until 28 March 2032. The new agreement is good news for customers as it secures long-term access for Royal Mail to the Post Office network, and provides Post Office with the ability to continue to sell and accept Royal Mail’s range of postal products. It also provides greater flexibility for both parties to adapt to the changing ways that customers are buying and sending postal products, and to continue to innovate to provide convenience for customers.

Nick Read, Chief Executive Officer of Post Office Limited, said: “This new long-term agreement with the Royal Mail benefits postmasters and customers, with Post Offices offering convenient, expert advice when sending parcels and letters to any address in the UK and around the world.”

Stuart Simpson, Interim Chief Executive Officer of Royal Mail, said: “I am delighted to extend our long-term agreement with the Post Office. Royal Mail and the Post Office have a long shared history and both companies play an important role keeping the UK connected. This new agreement is good for our customers, Royal Mail, and the Post Office. We look forward to working together to build on our relationship and deliver a great service to our customers for many years to come.”

About the Post Office

  • With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
  • Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
  • Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
  • Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and bill payments services.
  • Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
  • 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.

Post Office Limited and Royal Mail plc have confirmed today that both parties have reached agreement on a new long-term commercial agreement.

Read more »

Post Office statement on Southwark Crown Court appeals

News   •   Dec 11, 2020 13:33 GMT

Southwark Crown Court today (11 December 2020) formally acquitted six former postmasters, referred by the Criminal Cases Review Commission (CCRC) earlier this year, in uncontested appeals. The Post Office informed the Court and appellants in October that it would not oppose the appeals, which related to convictions in Magistrates’ Courts between 2003-2013, in which Post Office acted as prosecutor.

A Post Office spokesman said:

“Post Office did not oppose these appeals and sincerely apologises for historical failings. We have taken determined action to address the past, ensuring there is redress for those affected and to prevent such events ever happening again.

“Fundamental reforms have been made to forge a new relationship with postmasters, helping them to build thriving Post Office businesses for customers and communities throughout the UK.”

Actions taken by the Post Office include:

Agreement to appoint a current postmaster as Non-Executive Director to the Post Office Board to influence Post Office strategy and the implementation of programmes affecting postmasters.

Undertaking a programme of improvements to overhaul culture, practices and operating procedures throughout every part of the Post Office to forge an open and transparent relationship with our postmasters. Nearly 100 area managers now provide personalised, individual support to postmasters.

Comprehensive improvements made from initial recruitment and training through to daily transaction accounting, including design changes made to transactions on Horizon, based on postmaster feedback.

Increasing postmaster remuneration by £20 million a year on top of the £17 million increases secured for banking services through our new framework with the high street banks.

Establishing claims schemes to provide redress for former and current postmasters who experienced unexplained shortfalls in the past.

Historical convictions

Post Office has made strenuous efforts regarding historical convictions of postmasters. In addition to full co-operation with the Criminal Cases Review Commission’s review, it has set up an extensive disclosure exercise, by external criminal law specialists, to identify material which might affect the safety of any relevant historical prosecutions.

The Board of the Post Office carefully considered each case referred to the Courts by the CCRC and Post office announced on 2 October 2020 that it would not oppose the majority of appeals.

The six cases referred to Southwark Crown Court related to convictions in Magistrates’ Courts, which must be appealed to the Crown Court. An appeal from a Magistrates’ Court is a re-trial rather than a review of the original proceedings and, as Post Office did not oppose any of these appeals, the former postmasters were acquitted. This process does not require the court to issue a written judgment. 

Notes to editors:

Post Office is not opposing 44 of the 47 historical cases referred for appeal by the CCRC. The majority of the appeals relate to convictions in Crown Courts and therefore have been referred to the Court of the Appeal.

Post Office no longer undertakes any private prosecutions. Cases related to Horizon effectively ceased in 2013, although two cases featuring Horizon evidence were prosecuted in 2015.

Group Civil Litigation

Group civil litigation between Post Office and 589 mainly former postmasters concluded following successful mediation and agreed settlement in December 2019. A joint press statement was issued on 11 December 2019 by both parties involved in the litigation. The issues in the litigation were complex and involved contractual, operational and technical matters spanning around two decades. 

Read more »

Post Office Brings Apple Pay to Customers

Press releases   •   Dec 08, 2020 13:46 GMT

London - 8thDecember 2020 — Post Office Travel Money today brings its customers Apple Pay, a safer, more secure and private way to pay that helps customers avoid handing their payment card to someone else, touching physical buttons or exchanging cash — and uses the power of iPhone to protect every transaction.

Post Office Travel card customers wanting to make payments abroad can now simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code.

Apple Pay is accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places. Customers can use Apple Pay for the Post Office Travel card on iPhone, iPad, and Mac to make faster and more convenient purchases abroad. Apple Pay can also be used to make payments in app on Apple Watch.

Security and privacy are at the core of Apple Pay. When customers use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device.

Apple Pay is easy to set up. On iPhone, simply open the Wallet app, tap +, and follow the steps to add a Post Office Travel Money card. Once a customer adds a card to iPhone, Apple Watch, iPad, and Mac, they can start using Apple Pay on that device right away.

For more information on Apple Pay, visit: http://www.apple.com/apple-pay/

For more information on Post Office, please visit https://www.postoffice.co.uk/travel-money/card/apple-pay

Ends

For more information, please contact:

Lily Cunningham

Lily.cunningham@postoffice.co.uk

Notes to Editors:

Post Office Travel Money card is a pre-paid, reloadable multi-currency card which can be managed in the Post Office Travel app. Travel Money Card is the safe, hassle-free payment option accepted by shops, restaurants and bars around the world. You can order online now or pick up at your local Post Office branch.

Travel Money Card functionality:

One prepaid Mastercard® card that stores up to 23 currencies

Manage your account, top up your card and check your balance using our mobile Travel app

With our app you can also freeze your card, view your PIN, and transfer money between currencies

Contactless-enabled for even quicker low-value purchases

Accepted in 36 million locations in over 200 countries

Available in branch - simply bring a valid UK passport or driving license

Contact our UK call centre 24/7 for lost or stolen card replacement services

Tap and pay using Apple Pay

Travel app functionality:

Order and activate your Travel Money Card, view your balance and top up your card.

Buy Travel Insurance for you and your family, where you can view and download your policy documents.

Top up, check your balance, freeze your card and view your PIN

View transaction history

Transfer any leftover currency to a currency of your choice with our new wallet-to-wallet feature

Post Office Travel Money

The Post Office is the UK’s leading provider of foreign currency, offering euro on demand at around 5,000 branches. These can also be ordered online at postoffice.co.uk for same day ‘click and collect’ at selected branches, for next day collection at any branch or for home delivery. 1,600 larger Post Office Branches stock 30 leading currencies while around 60 currencies can be pre-ordered at over 11,500 branches or online at www.postoffice.co.uk/travel for next day branch or home delivery.

About the Post Office

  • With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
  • Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
  • Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
  • Post Office is simplifying its proposition for Postmasters with a focus on itscash and banking; mails and parcels; foreign exchange; andbill paymentsservices.
  • Researchhas found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
  • 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.

Read more »

Personal Cash deposits in November dip only 2% month-on-month – but lockdown in England contributes to 22% fall in business deposits

Press releases   •   Dec 08, 2020 07:00 GMT

  • Personal cash deposits totalled £966 million in November at Post Offices, down only 2% month-on-month despite national restrictions across England throughout the month
  • Post Office branches remained open throughout November which ensured personal deposits remained relatively steady month-on-month
  • Business deposits totalled £719 million, a 22% fall on October and lowest amount since June (£492 million) when the UK began exiting the first lockdown. This was a much smaller reduction compared to the first lockdown, reflecting different restrictions and hospitality and non-essential retail outlets ability to pivot their businesses and provide takeaways or deliver goods directly to customers.
  • Post Offices are supporting small businesses and hospitality sector recover vital Christmas trading by staying open long hours during the week and weekends
  • Personal cash withdrawals of £562 million, a dip of 4.5% month-on-month, indicates customers continued confidence and reliance on cash; December expected to see highest cash withdrawals since March when £634 million was withdrawn

Personal cash deposits remained relatively stable at Post Offices in November compared with the previous month, however business cash deposits fell 22%, largely as a result of national restrictions across England, according to the latest Post Office Cash Tracker.

Personal cash deposits of £966 million dipped 2% compared with October (£984 million). Business cash deposits totalled £719 million, a 22% fall on October (£924 million) and was the lowest amount deposited since June (£492 million) when the UK began exiting the first lockdown. Based on data from the summer, Post Offices are expecting a significant increase in business deposits in December as branches stay open longer hours and weekends in the run-up to Christmas.

Overall, cash deposits and withdrawals by business and personal customers amounted to over £2.27 billion in November. This was down 10% compared with October (£2.52 billion). Data is taken from the Post Office Cash Tracker showing the billions of pounds deposited and withdrawn each month at its 11,500 branch locations.

Post Office Cash tracker data – November 2020

Cash deposits value (business & personal) MOM% YOY% Cash withdrawals value (business & personal) MOM% YOY% Total cash deposits & withdrawal value for November 2020
UK[1] £1.69bn -11.7% -7.4% £583.2m -4.7% -13.8% £2.27bn
England £1.35bn -13.4% -6.2% £455.5m -5.6% -14.9% £1.81bn
Scotland £141.9m -4.6% -18.0% £47.0m -2.2% -9.1% £188.9m
Wales £90.5m -7.6% -9.9% £49.5 -1.3% -12.2% £140m
Northern Ireland £107.1 -0.6% -4.6% £31.2m +0.3% -5.1% £138.3m

[1]Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK. 


Business customers

Business deposits dropped 22% compared to October due to the national lockdown restrictions in England, and other regional circuit breakers across Wales, Scotland and Northern Ireland. While a significant drop, the impact of the lockdown was not as severe as the first lockdown. In April, business deposits fell to a low of £320 million, a 62% decrease compared with March.

As the UK exited the first lockdown earlier this year, Post Office data shows that business deposits in July were almost 40% higher than in June. With the removal of national restrictions in England on 2 December, an increase in business cash deposits at Post Offices is expected as small businesses and the hospitality sector open up and more people choose to support local businesses in the run-up to Christmas.

Commenting on the trend in business cash deposits, Martin Kearsley, Director of Banking at the Post Office, said:

“Following a peak in September, almost on a par with what we saw last year, we’ve now seen small month on month falls correlating with tiered restrictions and circuit breaks being introduced in parts of the country and culminating with November’s lockdown across England. Feedback we get from Postmasters is that small and independent businesses have increasingly come to rely on their local Post Office. We’re open longer hours throughout December and the Christmas period, and will support businesses to deposit their takings at a time that’s convenient for them.”

Personal customers

The value of cash deposits by personal customers remains stable, and greatly exceeds pre-Covid-19 levels. In November, £966 million was deposited in cash at Post Office counters, down just 2% compared with October. In terms of cash withdrawals by personal customers, £562 million was withdrawn at the Post Office’s 11,500 counters. That compares with £589 million withdrawn in October.

Personal cash deposits

Personal cash withdrawals

Martin Kearsley added:

“The steady amount of cash deposited by personal customers at Post Offices despite England being under national restrictions last month shows how much Post Office supports those who need to budget on, and use, cash and continues to exceed pre-Covid levels. With cash withdrawals remaining steady we see the reliance millions of people place on the ability to access and deposit cash in a quick and secure manner at their local Post Office.”

For further data and analysis, visit www.corporate.postoffice.co.uk/cashtracker

Ends

About Post Office Cash Tracker and access to cash

Data included in this press release reflects cash services used under the Banking Framework. Over 30 banks and building societies are part of the Banking Framework which enables their customers to withdraw or deposit cash at any of the Post Office’s 11,500 branches. The figures exclude Post Office Card Account withdrawals.

Post Office is central to the success of the Community Access to Cash Pilots initiative led by Natalie Ceeney, Chair of the Access to Cash Review. Pilots will run in nine local communities to trial how to improve their access to cash, three of which will be trialling a new concept branch – a ‘BankHub’ – providing dedicated retail space on the high street, combining the cash-transaction facilities of a Post Office with access to community banking services offered by retail banks. Post Office is also refurbishing branches or providing pop up services in the remaining areas.

[1]Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK. 

About the Post Office

  • With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
  • Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
  • Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
  • Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and bill payments services.
  • Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
  • 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.

Personal cash deposits remained relatively stable at Post Offices in November compared with the previous month, however business cash deposits fell 22%, largely as a result of national restrictions across England, according to the latest Post Office Cash Tracker.

Read more »

Post Office appoints new Strategic Partnerships Director to support and deepen relationships with its retail partners

Press releases   •   Dec 01, 2020 09:10 GMT

Katie Secretan has been appointed to the newly created role of Strategic Partnerships Director at Post Office.

Images & Videos 10 images, 1 video

Contacts 6 contacts

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About Post Office Media

Welcome to the Post Office Media Centre, our online resource for news, information, photos and footage for journalists across the UK.

The Post Office has over 11,500 branches across the UK, 97% of these are run with retail partners on an agency or franchise basis. 99.7% of the population live within 3 miles of a Post Office and 93% live within 1 mile. Along with a significant online business, we are the biggest retail network in the UK, with more branches than all the banks and building societies combined.

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