Press release -
Business cash deposits up almost 9% in April at Post Offices
- Total value of cash deposits and withdrawals at Post Offices totalled £2.45 billion in April, in line with March (£2.44 billion)
- Business cash deposits in April totalled £769 million, up 8.8% month-on-month (£707 million, March 2021) as non-essential businesses re-opened on 12 April
- Personal cash deposits exceeded £1 billion for the second successive month totalling £1.07 billion, dipping 3.8% month-on-month (£1.12 billion, March 2021)
- Personal cash withdrawals remained steady with £589 million withdrawn over the counter, the same amount as March 2021
- Post Offices are providing critical cash services to non-essential retailers who can rely on Post Office branches to deposit much needed cash takings as they are open long hours and many seven days a week
Latest data from the Post Office’s April Cash Tracker shows cash deposits and withdrawals remained steady month-on-month, highlighting that cash use continues to recover following the opening of non-essential retail on April 12.
Business cash deposits totalled £769 million, up 8.8% month-on-month (£707 million, March 2021). This was the highest amount deposited by businesses since last October (excluding Christmas). In comparison with April 2020 (£313 million), when the UK was in the first full month of lockdown, business cash deposits are up 146% year-on-year.
Personal cash deposits exceeded a billion pounds for the second successive month, the first time that has happened at the Post Office. In April, £1.07 billion was deposited over the counters, a 3.8% dip on March (£1.12 billion). September last year is the only other month where personal cash deposits have exceeded one billion pounds.
Personal cash withdrawals totalled £589.9 million in April which was almost identical to the amount withdrawn in March (£589.7 million). This was the highest amount withdrawn from Post Office counters since last September (£591 million), excluding December and the impact of Christmas.
Overall, cash deposits and withdrawals at Post Offices in April amounted to £2.45 billion. This compares with £2.44 billion in March and £2.00 billion in February. Last April, when the UK was in the first full month of lockdown, the total deposited and withdrawn was £1.29 billion.
Martin Kearsley, Banking Director at Post Office, said:
“Overall cash deposits and withdrawals continue to recover as lockdown relaxation gathers pace, and we have again seen our highest levels since last October. A 9% increase in business cash deposits is a very encouraging sign that re-opening retailers saw cash coming back into their tills in the second part of April. Post Offices are supporting businesses, pubs and the hospitality sector get back on its feet. Our branches are open long hours, many seven days a week, with the size of our network across the country providing a convenient place to deposit takings.”
Post Office Cash tracker data – April 2021
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for April 2021 | |
UK[1] | £1.84bn | +1.1% | +102.9% | £612.8m | +0.1% | +60.2% | £2.45bn |
England | £1.52bn | +1.7% | +114.3% | £479.3m | +0.3% | +63.3% | £2.00bn |
Scotland | £128.9m | -0.4% | +65.1% | £48.4m | +1.4% | +35.4% | £177.3m |
Wales | £93.5m | +0.8% | +73.7% | £50.9m | -2.2% | +48.9% | £144.4m |
Northern Ireland | £97.2m | -6.3% | +48.3% | £34.1m | -1.4% | +78.6% | £131.3m |
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. Two ‘BankHubs’ – 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 – opened in April and will be piloted for 6 months.
[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.
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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.
