Press release -
Cash transactions at Post Offices set new record for second month in a row
- 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)
- Personal cash deposits totalled £1.46 billion in May, up 12% year-on-year (£1.30 billion, May 2023)
- Personal cash withdrawals totalled £889 million, up 9% year-on-year (£817 million, May 2023)
- Business cash deposits were almost flat year-on-year with £1.19 billion deposited in May 2024 compared with £1.18 billion in May 2023
- The figures follow last week’s historic launch of new banknotes featuring King Charles III
New figures released today reveal Post Offices set a new record for cash transactions at its branches for the second month in a row.
Post Offices handled £3.57 billion worth of cash deposits and withdrawals in May. This beat the previous record set the month before when £3.48 billion worth of cash was handled (April 2024).
Personal cash deposits totalled £1.46 billion in May, up 12% year-on-year (£1.30 billion, May 2023). There was a 1% increase month-on-month (£1.45 billion, April 2024).
Personal cash withdrawals totalled £889 million in May, up 9% year-on-year (£817 million, May 2023). There was a 6.6% increase month-on-month (£834 million, April 2024).
Business cash deposits totalled£1.19 billion in May. This was almost flat year-on-year, up 1% (£1.18 billion, May 2023) and up 1.3% month-on-month (£1.18 billion, April 2024).
The Post Office recently partnered with Monzo to expand its Everyday Banking services, offering cash deposit facilities for Monzo customers at all branches nationwide. The partnership continues to contribute positively to the total value of cash deposits.
Ross Borkett, Banking Director at Post Office, said:
“Millions of people continue to come to our branches every week as they are frequently the only place where people can do their everyday banking at a time that is convenient for them. Postmasters keep their branches open long hours and customers welcome being able to securely do their banking whilst being served by a friendly and knowledgeable Postmaster.
“A double digit increase in personal cash deposits year-on-year and a similar increase in personal cash withdrawals shows that many people continue to rely on cash to manage their personal finances.”
Post Office Cash tracker data – May 2024
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for May2024 | |
UK[1] | £2.65bn | +1.1% | +6.8% | £923.4m | +6.8% | +9.0% | £3.58bn |
England | £2.21bn | +1.0% | +7.2% | £722.4m | +6.4% | +9.8% | £2.93bn |
Scotland | £178.7m | +2.4% | +4.1% | £64.0m | +8.3% | +6.6% | £242.7m |
Wales | £137.5m | +1.1% | +8.4% | £73.2m | +7.1% | +9.1% | £210.7m |
Northern Ireland | £129.7m | +1.6% | +0.8% | £63.7m | +9.4% | +2.8% | £193.4m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 30 May, 53 hubs have been opened in partnership between Cash Access UK and the Post Office. 132 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
The next Cash Tracker publication with data for June is expected to be published on Monday 8 July.
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.
