Press release -
Over £70m withdrawn from Post Office branches over King’s Coronation bank holiday weekend
- Over the Coronation bank holiday weekend £70.73m was withdrawn from Post Office branches.
- Cash deposits and withdrawals totalled £3.05 billion in April.
- Personal cash withdrawals totalled £760 million in April with average transaction value for personal cash withdrawals up 2% compared to March.
- Business cash deposits totalled £1.06 billion in April, down 8% month-on-month (£1.15bn million, March 2023). Personal cash deposits totalled £1.2 billion in April, down 8% month-on-month (£1.3 billion, March 2022). Month-on-month declines a result of the Bank Holidays in April.
New figures today reveal £70.73m in cash was withdrawn at Post Offices over the King’s Coronation bank holiday weekend (05 – 08 May).
Many Post Offices were open and played a vital role supporting small businesses and the hospitality sector to deposit cash takings over the Bank Holiday. Friday 5thApril was the busiest day for business cash deposits, with a total of £47.51m deposited across the UK in Post Office branches.
On the same day, a total of £33.84m of personal cash withdrawals were made in England, the busiest day of the bank holiday for personal withdrawals. Personal cash withdrawals all exceeded £3m in Northern Ireland, Scotland, and Wales on Friday, ahead of the King’s Coronation bank holiday weekend.
In April, cash deposits and withdrawals over the counter amounted to £3.05 billion at its 11,500 branches.
Excluding Christmas when cash withdrawals are usually at their highest (£3.294 billion was deposited and withdrawn in December), last September was the previous high, with £3.35 billion was deposited and withdrawn over the counter at Post Offices.
Personal cash withdrawals in April totalled £760 million, down almost 6% month-on-month (£805 million, March 2023), driven by the two Easter bank holidays reducing overall volumes. However, the average transaction value of personal withdrawals was up 2% compared to March.
Business cash deposits totalled £1.06 billion in April, down over 8% month-on-month (£1.15 billion, February 2023), while personal cash deposits totalled £1.2 billion in April, down 8 % month-on-month (£1.3 billion, March 2023).
Since 2015, Banks and building societies have closed (or scheduled the closure) of 5,605 branches, an average of 54 bank branches a month. 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.
In April 2023 there were almost 5.2 million cash deposit transactions at Post Offices. That was up 6% year on year. Last April, there were 4.86 million cash deposit transactions.
Martin Kearsley, Post Office Banking Director, said:
“People up and down the UK withdrew over £70 million from Post Offices as many in the country celebrated the King’s Coronation over the bank holiday weekend. The withdrawals we saw over the bank holiday shows just how many still use cash as their main payment method, especially during local community celebrations where a Post Office might be the only way to access cash in town after the banks have closed.”
Post Office Cash tracker data – April 2023
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for April 2023 | |
UK[1] | £2.26bn | -7.8% | -4.3% | £786.40m | -5.9% | +1.3% | £3.05bn |
England | £1.87bn | -7.8% | -4.1% | £610.95m | -6.2% | +1.9% | £2.48bn |
Scotland | £156.71m | -5% | -8.5% | £55.98m | -4.1% | -2.8% | £212.69m |
Wales | £114.59m | -4.3% | -4.1% | £62.16m | -4.1% | -0.8% | £176.75m |
Northern Ireland | £118.49m | -14.1% | -2.3% | £57.30m | -5.9% | +9.9% | £175.80m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
For further data and analysis, visit https://corporate.postoffice.co.uk/cashtracker
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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.
