Press release -
Cash withdrawals up 12% year-on-year at £777 million; Post Office hopes to raise over £300,000 for Trussell Trust with renewed partnership
- Post Offices handled £3.26 billion in cash withdrawals and deposits in October, slightly down on the £3.35 billion handled in September
- Personal cash withdrawals in October totalled £777 million down 1% month-on-month (£785 million, September 22); and up over 12% year-on-year (£692 million, October 21)
- Last week Post Office renewed its partnership with Trussell Trust and is donating 1p for every cash withdrawal at its 11,500 branches hoping to raise £330,000 for the charity
- Personal cash deposits fell 6% month-on-month to £1.35 billion compared with £1.43 billion in September
- Business cash deposits totalled £1.1 billion in October, almost identical to September, and up over 10% year-on-year.
New figures today reveal cash withdrawals at Post Offices dipped 1% in October with £777 million withdrawn over the counter at its 11,500 branches.
Personal cash withdrawals in October were up over 12% year-on-year and come as the Post Office recently announced its renewed partnership with the Trussell Trust. From November, Post Office will again donate 1p from every cash withdrawal and hopes to raise £330,000 for the charity over the winter.
Post Office attributes the continuing high levels of cash withdrawals to the on-going closure of local bank branches*, with people turning to the Post Office to support them with their cash needs.
In Northern Ireland, personal cash withdrawals in October were up 25% year-on-year (£54.3 million, October 22 compared with £43.5 million, October 21).
In total, Post Offices handled £3.26 billion in cash withdrawals and deposits in October. This was slightly down on the £3.35 billion handled in September.
Personal cash deposits totalled £1.35 billion in October. This was a 6% fall month-on-month (£1.43 billion, September 22) and up over 12% year-on-year (£1.2 billion, October 21).
Business cash deposits totalled £1.1 billion in October, almost identical to September, and up over 10% year-on-year (£1 billion, October 21).
Martin Kearsley, Banking Director at Post Office, said:
“I’m delighted that we’re working with the Trussell Trust again this year. More and more people are choosing to use cash to help them manage their budgets. The cash withdrawal services provided by our Postmasters, including the ability to withdraw the exact amount of cash needed, means customers of all the High Street banks can help us raise money for this vital charity.”
In the coming weeks, Banking Hubs in Brixham (Devon) and Cottingham (East Riding of Yorkshire) are expected to open. The hubs are shared spaces operated by Post Office and intended for communities whose access to cash has been restricted as a result of bank branch closures. Post Office already operates the two pilot hubs in Rochford and Cambuslang.
Martin Kearsley added:
“We’re delighted that we will be operating all of the banking hubs across the country that have so far been announced. Post Offices already handle well over £3 billion worth of cash every month and we’re increasingly seen as the only place on the High Street where everyday banking can be done. We’re looking forward to working closely with the banking industry and participating banks so that these hubs can be opened and start fulfilling people’s banking needs as soon as possible.”
Post Office Cash tracker data – October 2022
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for October 2022 | |
UK[1] | £2.45bn | -3.5% | +11.5% | £805m | -1.0% | +12.2% | £3.26bn |
England | £2.03bn | -3.3% | +11.9% | £626.5m | -1.1% | +12.0% | £2.65bn |
Scotland | £172.8m | -5.3% | +6.4% | £57.6m | -1.5% | +5.1% | £230.4m |
Wales | £125.6m | -3.4% | +11.9% | £64.9m | 0.0% | +11.0% | £190.5m |
Northern Ireland | £127.5m | -4.7% | +11.8% | £56.0m | -0.1% | +24.5% | £183.5m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
For further data and analysis, visit https://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. On 31 January 2022, Post Office announced that the Banking Framework agreement has been extended until the end of 2025.
Post Office is running its ‘Save our Cash’ campaign. At www.SaveOurCash.co.uk, visitors can hear the real stories of people reliant on cash and learn more about how cash plays such a pivotal role in their lives. Post Office is calling on as many people as possible to write to their MP to support policies and legislation that protect cash and place an obligation on the banks to guarantee access to cash across the UK.
About Bank Hubs
Banking Hubs are modern, shared spaces where Post Office provides everyday banking and cash services to local residents and businesses, and high street banks can provide their customers with financial advice and other services from one of their community banker’s in a dedicated room
The hubs are operated by Post Office and intended for communities whose access to cash has been restricted as a result of bank branch closures.
Earlier this month, LINK announced that there would be four new Banking Hubs – Bury Park (Bedfordshire), Haselmere (Surrey), Prestatyn (Denbingshire) and Welling (South East London). This is in addition to the 27 banking hub locations that have already been announced and which will be operated by Post Office.
[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 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.
