Press release -
After two record-breaking cash handling months at Post Offices, unseasonable weather sees small dip in June
- Post Offices saw cash deposits and withdrawals total a record £3.57 billion in May, beating the previous record high set in April 2024 (£3.48 billion).
- In June, cash transactions totalled £3.43 billion – with unseasonable weather resulting in a dip in business cash deposits – but was still the fourth highest amount on record.
- Business cash deposits totalled £1.13 billion in June, down both 3.4% year-on-year (£1.17 billion, June 2023) and 5.3% month-on-month (£1.19 billion, May 2024).
- Personal cash deposits totalled £1.42 billion in June, up 8.3% year-on-year (£1.31 billion, June 2023) but down 2.5% month-on-month (£1.46 billion, May 2024).
- Personal cash withdrawals totalled £848 million in June, up 1.4% year-on-year (£836 million, June 2023) but down 4.6% month-on-month (889 million, May 2024).
New figures released today reveal Post Offices handled £3.43 billion in cash deposits and withdrawals in June.
The figure for June comes after April and May saw consecutive record-breaking cash handling months at Post Offices. In May, a total of £3.57 billion worth of cash was handled by Post Offices. In April, the figure was £3.48 billion. June’s figure is still only the fourth time on record that cash transactions have exceeded £3.4 billion in a single month.
Business cash deposits totalled £1.13 billion in June down both 3.4% year-on-year (£1.17 billion, June 2023) and 5.3% month-on-month (£1.19 billion, May 2024).
Personal cash deposits totalled £1.42 billion in June, up 8.3% year-on-year (£1.31 billion, June 2023) but down 2.5% month-on-month (£1.46 billion, May 2024).
Personal cash withdrawals totalled £848 million in June, up 1.4% year-on-year (£836 million, June 2023) but down 4.6% month-on-month (889 million, May 2024).
Ross Borkett, Banking Director at Post Office, said:
“Post Offices play a vital role in supporting small businesses to trade by providing a convenient and secure location to deposit their cash takings with many branches open long hours and some at weekends. Following two consecutive record-breaking months for cash handling at Post Offices, June’s cool and wet weather slightly impacted takings in the hospitality and leisure sectors contributing to a small drop in business cash deposits at our branches last month.”
Post Office Cash tracker data – June 2024
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for June 2024 | |
UK[1] | £2.55bn | -3.8% | +2.8% | £880.7m | -4.6% | +1.5% | £3.43bn |
England | £2.12bn | -3.8% | +3.1% | £690.8m | -4.4% | +2.0% | £2.81bn |
Scotland | £171.2m | -4.2% | +2.2% | £59.7m | -6.7% | -2.0% | £230.9m |
Wales | £133.2m | -3.1% | +3.9% | £69.7m | -4.8% | +2.8% | £202.9m |
Northern Ireland | £124.9m | -3.7% | -3.0% | £60.5m | -5.0% | -2.8% | £185.4m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 28 June, 60 hubs have been opened in partnership between Cash Access UK and the Post Office. 146 Banking Hubs have now been announced by LINK with further openings planned for later this year.
For further data and analysis, visit https://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. On 31 January 2022, Post Office announced that the Banking Framework agreement has been extended until the end of 2025.
[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.
Categories
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.
