Press release -
Personal cash withdrawals and deposits up over 5% in December
- Over £1.6 billion was withdrawn and deposited by personal customers at Post Office’s 11,500 branches in December. Over 5% (£91 million) more compared with November
- Personal cash withdrawals in December totalled £640.7 million, up 14% on November when much of the UK was in lockdown. Personal cash deposits totalled £978.6 million, up 1.3% on November
- Post Offices are open long hours throughout the latest national lockdown and provide personal and business customers a convenient and secure location to do their everyday banking
- Overall, cash deposits and withdrawals by personal and business customers amounted to £2.43 billion in December. Only 10% down on same month last year despite varied levels of Covid-19 related restrictions last month
- In 2020, £19.6 billion was deposited by personal and business customers at Post Offices. £7 billion was withdrawn by personal and business customers.
Post Offices in December saw the highest amount of personal cash withdrawals over the counter all year, according to the latest Post Office Cash Tracker.
In total, £640.7 million was withdrawn by personal customers, the highest amount since the first UK-wide lockdown was introduced when £634.3 million was withdrawn in March. The December figure was up 14% compared with November when much of the UK was in lockdown (£562.2 million).
Personal cash deposits totalled £978.6 million, up 1.3% on November (£966 million). Business cash deposits at Post Office’s 11,500 branches were also up in December. They totalled £788.3 million, up 9.6% compared with November (£719.5 million)
The run-up to Christmas traditionally sees increased cash deposits and withdrawals compared to previous months. Overall, cash deposits and withdrawals by personal and business customers amounted to £2.43 billion in December. This was just under 10% down in value from this time last year despite lockdown restrictions across the UK impacting small businesses and the cash-reliant hospitality sector in particular.
Commenting on December’s data, Martin Kearsley, Director of Banking at the Post Office, said:
“December is traditionally a busy time for Postmasters as more people come in to deposit and withdraw cash compared with any other month. This remained the case, despite Covid-19 restrictions in many parts of the UK at the time. Our data indicates that millions of people relied on cash, as withdrawals rebounded from November’s lockdown, and customers took cash out to give as gifts to loved ones or to ensure they had money for purchases in the run-up to Christmas.”
In 2020, £19.6 billion was deposited by personal and business customers at Post Offices. £7 billion was withdrawn by personal and business customers.
Martin Kearsley commented:
“Our data shows that with more people living and working at home, 2020 was the year that many discovered they could deposit and withdraw cash at the counter of their local Post Office. Despite the introduction of lockdowns, Post Offices remain open and our branch network has provided a lifeline to small businesses in particular that have needed somewhere open long hours to deposit their cash takings.”
Post Office Cash tracker data – December 2020
| Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for December 2020 | |
| UK[1] | £1.77bn | +4.8% | -10.3% | £664.8m | +14.0% | -9.0% | £2.43bn |
| England | £1.41bn | +5.1% | -8.5% | £518.5m | +13.8% | -9.8% | £1.93bn |
| Scotland | £147.4m | +3.9% | -22.9% | £54.3m | +15.3% | -6.4% | £201.7m |
| Wales | £95.1m | +5.1% | -12.6% | £55.0m | +11.2% | -9.9% | £150.1m |
| Northern Ireland | £110.1m | +2.8% | -10.9% | £37.1m | +18.6% | +0.4% | £147.nm |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
For further data and analysis, visit www.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.
Post Office is central to the success of the Community Access to Cash Pilots initiative led by Natalie Ceeney, Chair of the Access to Cash Review. Pilots will run in nine local communities to trial how to improve their access to cash, three of which will be trialling a new concept branch – a ‘BankHub’ – providing dedicated retail space on the high street, combining the cash-transaction facilities of a Post Office with access to community banking services offered by retail banks. Post Office is also refurbishing branches or providing pop up services in the remaining areas.
[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 its cash and banking; mails and parcels; foreign exchange; andbill 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.
