Press release -
Cash is King: Over a quarter of the nation want to get hold of the new King Charles banknotes as they enter circulation today
- Over a quarter (28%) of Brits want to get hold of the new-look banknotes, with a fifth (19%) saying they are more likely to get cash out as a result.
- Nearly a third (31%) said they were pleased the tradition to use the image of a monarch on notes is continuing.
Today (5 June) marks the start of the rollout of banknotes featuring a portrait of King Charles III, and members of the public are able to snap up the new-look currency at selected local Post Offices.
The launch is also a historic moment as it is only the second time a monarch has been featured on a note, as previously banknotes have only used a portrait of Queen Elizabeth II1.
The portrait of the King will appear on all four banknotes (£5, £10, £20 & £50). The rollout will be gradual and staggered and only a selection of Post Offices across the country will stock the new currency today with chosen Post Offices initially providing £5, £10 and £20 notes. Thousands of Post Offices will receive the new-look currency over the coming days and weeks.
Post Office undertook some research to coincide with the new look notes which found that 28% of people surveyed wanted to get hold of one of the new banknotes.
The findings also highlight a fifth (19%) of Brits are more likely to get cash out as a result of the introduction of the King Charles notes. Wanting to be a part of a huge moment in history (51%), the excitement of being one of the first to get one of the new notes (38%), and wanting to collect it as a memento (32%) are cited as the main reasons for wanting to withdraw the new-look notes. Nearly a third (31%) said they were pleased the tradition to use the image of a monarch on notes is continuing and a quarter (25%) said they find it satisfying to hold a fresh, brand new bank note!
Karen Stonham, branch manager at the Portsmouth Post Office, and Krishna Thakeria, branch manager at the Broadway Post Office, experience the daily demand in their local communities for cash, with many customers coming in to withdraw or deposit it, while using Post Office’s Everyday Banking services available. The branches are two of the first to have the new-look notes available for customers to withdraw, and for Ms Stonham it conveniently coincides with King Charles visiting Portsmouth to mark the beginning of the D-Day commemorations.
Commenting on the launch of the notes, Ms Stonham said, “The launch of the new-look banknotes featuring King Charles is an exciting moment for us at Portsmouth Post Office. Our local customers come into our branch every day to withdraw or deposit cash for their daily needs, so we were excited to be one of the first branches to have the new banknotes available. It’s been a significant day for Portsmouth, with the King also in the area for the D-Day anniversary celebrations.”
The latest data from Post Office has further revealed a significant increase in cash transactions at Post Office branches in April, with cash deposits and withdrawals across the counter totalling £3.48 billion across 11,500 branches, their highest levels ever2.
Commenting on the launch of the notes, Ms Thakeria said, "People come to us every day to withdraw or deposit cash in branch but today is particularly special as we are lucky enough to be one of the first post offices in the country to be able to provide customers with the new-look King Charles III banknotes.
We are delighted to be able to offer customers a chance to get their hands on these new designs from the day they launch. Not only that but the new-look notes hold a special significance for us at Broadway Post Office, given our proximity to Buckingham Palace and the historic Cabinet War Rooms, which hold strong connections to Winston Churchill who continues to feature on the reverse of the £5 note."
Ross Borkett, Banking Director at Post Office, added, “This historic launch of the new banknotes featuring King Charles III comes as we experience the highest levels of cash withdrawals and deposits in post office branches. We’re pleased to be able to mark this day by giving people the opportunity to withdraw the new notes from our branches.”
As the banknotes begin their roll out across the UK today, visit branch finder to find your local branch for Everyday Banking services.
-ENDS-
Notes to Editors
1 https://www.royal.uk/coinage-and-bank-notes
2 Post Office Cash Tracker Data, April 2024.
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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 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.
