Press release -
Cash transactions total £3.35bn in June - the highest in almost a year
- Cash transactions and deposits totalled £3.35bn in June, the highest level since September 2022
- This record month has been driven by continued bank branch closures, highlighting the importance of Post Offices within communities.
- Both the value and volume of business and personal cash deposits rose partially month-on-month, while the volume of cash deposit transactions was up 12.3% year-on-year.
- Business cash deposits totalled £1.17bn, up 3.7% year-on-year.
- The volume of personal cash deposits was up 3% month-on-month and up 12.6% year-on-year.
- Personal cash withdrawals were £836.21m in June, up 2.4% month-on-month (£816.83m, May 2023) and 12.5% year-on-year (£743.46m, June 2022).
- Between 01 July 2022 and 30 June 2023, Post Office collected a total of £1.88m for charity through over 4,500 Post Office branches across the UK.
New figures today reveal cash transactions totalled £3.35bn at Post Offices in June – the highest level since last September (£3.35 billion, September 2022). Cash transactions were up partially month-on-month (£3.33 billion, May 2023).
Business and personal cash deposits totalled £2.48bn in June (£2.48 billion, May 2023). Business cash deposits alone totalled £1.17bn, up 3.7% year-on-year (£1.12bn, June 2022). The total volume of cash deposit transactions was up 2.4% month-on-month, and up 12.3% year-on-year.
Post Office found that, in June, personal cash withdrawals were £836.21m, up 2.4% month-on-month (£816.83m, May 2023) and 12.5% year-on-year (£743.46m, June 2022).
The record cash transactions at Post Office branches have been driven by continued bank branch closures, highlighting the importance of Post Offices within communities. 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 continuing to handle well over £3 billion each month demonstrates just how vital being able to deposit and withdraw cash securely and conveniently is for millions of people. These figures clearly show that Britain is anything but a cashless society and people are reliant on cash as the tried and tested way to manage a budget.”
Between 01 July 2022 and 30 June 2023, Post Office collected a total of £1,878,547.50 for long-affiliated charities BBC Children in Need and the Disasters Emergency Committee. In addition to the national charities, many Postmasters also fundraise for causes important to them and their communities, all through their Post Office branch. Over 80% of all donations were made in cash, highlighting the important role cash plays in charitable giving.
Martin Kearsley, Post Office Banking Director, continued:
“I am delighted that despite the cost-of-living crisis, our wonderful customers continue to dig deep, giving close to £2 million in donations through Post Office branches for the charities we support over the last year. With over 80% of those donations coming in as cash and coin, this shows just how important cash is to supporting charities and making sure everyone can provide financial donations to charities, however they want to pay.”
Post Office Cash tracker data – June 2023
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for June 2023 | |
UK[1] | £2.48bn | -0.0% | +1.6% | £867.07m | +2.5% | +12.6% | £3.35bn |
England | £2.06bn | +0.05% | +2.37% | £676.95m | +2.90% | +13.16% | £2.74bn |
Scotland | £168.20m | -2.34% | -5.82% | £61.04m | +1.51% | +6.34% | £229.24m |
Wales | £128.24m | +1.13% | +3.97% | £67.75m | +1.01% | +9.61% | £195.99m |
Northern Ireland | £124.35m | +0.26% | -3.20% | £61.33m | +0.37% | +16.76% | £185.68m |
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 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.
