Press release -
Monzo joins Post Office Banking Framework with cash deposits for Monzo Customers nationwide
- Monzo joins 30 other financial institutions to accept cash deposits through Post Office branches
- Cash deposits now available for all Monzo customers across an established network of 11,500 Post Office branches which already process £100m a day
- With over 9 million customers, Monzo’s partnership with Post Office opens up deposit facilities to customers across the country, including in the most rural areas
Post Office has partnered with Monzo, the UK’s largest digital bank, to further expand its Everyday Banking services with the introduction of cash deposit facilities for Monzo customers across all Post Office branches nationwide.
This new service introduces an additional, convenient and accessible way for Monzo customers to deposit cash. With cash payments increasing for the first time in over 10 years according to the latest data1, the nationwide coverage of the Post Office means 99% of the UK population live within three miles of a branch and 90% live within one mile so everyone has ready access to cash services.
The service is now live so all personal and business banking Monzo users can conveniently deposit cash into their accounts at any Post Office branch using their debit card and have the money available in their account instantly.
Jeet Jadeja, Postmaster for Staple Hill in Bristol and Quedgeley in Gloucestershire, said:
“Having Monzo on board for cash deposits is fantastic and will make a huge difference for banking customers. Monzo has over 9 million retail customers as well as 400,000 business customers so this will widen Post Office’s appeal in both of my branches and across the network.”
Ross Borkett, Banking Director at Post Office said:
"Post Office is delighted to welcome Monzo as another partner in our Banking Framework, helping us ensure more UK banking customers than ever before can access essential cash services in any Post Office branch.
"We continuously strive to evolve and expand our service, ensuring that customers have easy access to essential financial services within their own community. With cash deposits now available for Monzo customers at all our branches, we are helping to empower even more people to manage their finances conveniently."
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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.
