Press release -
Cash transactions total £3.33 billion - highest level since last September, reports Post Office
- Cash transactions and deposits totalled £3.33 billion in May, the highest level since September 2022 when they totalled £3.35 billion
- Business and Personal cash deposits were up 10% month-on-month and volume of cash deposit transactions was up 7.5% year-on-year
- Business cash deposits alone totalled £1.18 billion, up 10% month-on-month, showing the important role Post Offices play in supporting the leisure and hospitality sectors
- Personal cash withdrawals totalled £817 million in May, up 7.5% month-on-month (£760 million, April 2023)
New figures today reveal cash transactions totalled £3.33 billion at Post Offices in May – the highest level since last September (£3.35 billion).
In May, business and personal cash deposits totalled £2.48 billion. This was up 10% month-on-month (£2.26 billion, April 2023). There were over 5.5 million cash deposit transactions across Post Office’s 11,500 branches in May, up 7.5% year-on-year (5.16 million, May 2022).
Business cash deposits alone totalled £1.18 billion in May, up 10% month-on-month (£1.07 billion, April 2023). This was the highest level of business cash deposits since last August (£1.2 billion).
As the leisure and hospitality sectors enter their busiest time of the year, the figures emphasise the important role Post Offices play in supporting small businesses by providing a convenient and fast way to deposit cash takings.
Personal cash withdrawals totalled £817 million in May, up 7.5% month-on-month (£760 million, April 2023).
Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and over 500 bank branch closures have been announced for 2023 so far. Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their Post Office branch.
Martin Kearsley, Post Office Banking Director, said:
“Postmasters continue to provide vital everyday banking services to millions of people and thousands of small businesses each month. In many communities, Post Offices are the only location where banking can be done. With good weather forecast across the UK for June, Postmasters are on hand to support Britain’s pubs, restaurants, ice cream sellers, hoteliers and many others in the hospitality and leisure sector who rely on their local Post Office to deposit cash takings conveniently, quickly and securely.”
Post Office Cash tracker data – May 2023
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for May 2023 | |
UK[1] | £2.48bn | +9.8% | +0.3% | £846m | +7.6% | +6.1% | £3.33bn |
England | £2.06bn | +10.0% | +1.1% | £657.3m | +7.6% | +5.8% | £2.71bn |
Scotland | £172.3m | +9.9% | -5.0% | £60.1m | +7.4% | +3.6% | £232.4m |
Wales | £126.8m | +10.7% | +0.1% | £67.1m | +7.9% | +3.7% | £193.9m |
Northern Ireland | £124.3m | +4.9% | -3.8% | £61.4m | +7.1% | +14.6% | £185.7m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
For further data and analysis, visit https://corporate.postoffice.co.uk/cashtracker
[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.
