Press release -
Cash deposits and withdrawals at highest level since last October as businesses and consumers prepare for retail reopening
- Cash deposits and withdrawals at Post Offices totalled £2.4 billion in March, the highest amount since last October highlighting increased confidence in the economic recovery
- Personal cash deposits in March reached an all-time high, totalling £1.1 billion breaking previous record last September when £1 billion was deposited
- Personal cash withdrawals in March totalled £590 million, the highest level since last September (£591 million). Overall personal cash deposits and withdrawals were up 22% in March compared to February.
- Business cash deposits in March totalled £707 million, up 21% month-on-month (£586 million, February 2021) as businesses continued adapting to lockdown
- Post Offices are the only location non-essential retailers can rely on to deposit much needed cash takings as branches are open long hours and many seven days a week
Latest data from the Post Office’s March Cash Tracker shows cash deposits and withdrawals returned to pre-lockdown levels, highlighting increased confidence in the economic recovery as non-essential retail reopens today (April 12).
Personal cash deposits and withdrawals were up 22% month-on-month, while business cash deposits saw an increase of 21%. In total, cash deposits and withdrawals at Post Offices in March amounted to £2.4 billion. This compares with £2 billion in February and £1.99 billion in January.
Signs of increased economic confidence
Personal cash deposits
Personal cash deposits were at an all-time high in March, totalling £1.1 billion and broke the previous record last September when £1 billion was deposited by personal customers. Personal cash deposits this March were also higher than before the Covid-19 pandemic struck the UK.
Personal cash deposits were up 22% month-on-month and 20% higher compared with January. Post Office attributes this to its presence within local communities and remaining open and for longer hours to support the needs of local customers and businesses, at a time when some banks have operated reduced hours or announced branch closures.
Personal cash withdrawals
Personal cash withdrawals in March amounted to £590 million in March. This was the highest amount withdrawn from Post Office counters since last September (£591 million), excluding December and the impact of Christmas.
Personal cash withdrawals were up 22% month-on-month and up 27% compared with January this year. The figures are down compared to before the Covid-19 pandemic struck the UK. However, they continue to demonstrate the importance of cash and withdrawals are expected to increase significantly again in April as non-essential retail opens.
Business cash deposits
Business cash deposits in March amounted to £707 million March. This was the highest deposited at Post Offices since last November (£719 million), excluding December and the impact of Christmas.
Business cash deposits were up 21% month-on-month and up 22% compared with January this year. Post Office attributes the increase in business cash deposits to their ability to adapt their business models during lockdown and finding new ways to continue trading.
Martin Kearsley, Banking Director at Post Office, said:
“Cash deposits and withdrawals are now at their highest levels since last October and activity is starting to resurface due to pent-up demand built up over the last year, as lockdown restrictions begin to ease. Post Offices are supporting businesses, pubs and the hospitality sector get back on its feet. Our branches have remained 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 – March 2021
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for March 2021 | |
UK[1] | £1.82bn | +21.3% | +7.5% | £612m | +21.8% | -6.4% | £2.4bn |
England | £1.5bn | +21.3% | +11.5% | £478m | +22.2% | -7.8% | £1.98bn |
Scotland | £129.5m | +23.2% | -15.2% | £47.8m | +18.0% | -9.7% | £177.3m |
Wales | £92.8m | +22.7% | -2.3% | £52.0m | +21.8% | -2.8% | £144.8m |
Northern Ireland | £103.8m | +17.9% | -2.1% | £34.6m | +20.2% | +18.3% | £138.4m |
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 earlier this month. A formal launch will take place on 28 April.
[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.
