Press release -
Personal cash withdrawals up 8% year-on-year as Post Office aims to reach £330k Trussell Trust fundraising target this month
- Personal cash withdrawals totalled £702 million in February, up 8% year-on-year (£650 million, February 2022).
- Post Office is giving 1p for every cash withdrawal over the counter to Trussell Trust. Since November, over £275,000 has been raised. Post Office hopes to reach its £330,000 target by end of March.
- Personal cash withdrawals were steady month-on-month (£709 million, January 2023).
- The short month and the continuing cost of living and high street challenges contributed to month-on-month falls in personal and business cash deposits.
- In total, £2.93 billion in cash was deposited and withdrawn over the counter at Post Offices in February. This compares to £2.76 billion in February 2022.
New figures today reveal personal cash withdrawals exceeded £700 million at Post Office counters in February.
Personal cash withdrawals were up 8% year-on-year (£650 million, February 2022) and steady compared with January (£709 million).
Post Office is giving 1p from every cash withdrawal over the counter at its 11,500 branches to the Trussell Trust. Since November, over £275,000 has been raised so far and Post Office hopes to reach its £330,000 fundraising target by the end of March.
The short month and the continuing cost of living and high street challenges contributed to month-on-month falls in personal and business cash deposits.
Personal cash deposits totalled £1.22 billion in February, down 12.7% month-on-month (£1.4 billion, January 2023) but up 7% year-on-year (£1.14 billion, February 2022).
Business cash deposits totalled £985 million in February, down 9.7% month-on-month (£1.09 billion, January 2023) but up 4.7% year-on-year (£941 million, February 2022).
In total, £2.93 billion in cash was deposited and withdrawn over the counter at Post Offices in February. This compares to £2.76 billion in February 2022.
Ross Borkett, Head of Banking at Post Office, said:
“Billions of pounds worth of cash continues to be deposited and withdrawn every month at Post Offices. Postmasters are supporting local communities and businesses by keeping their branches open long hours and providing a convenient and secure location to access cash. We are incredibly proud of our partnership with the Trussell Trust and to be raising vital funds for them while so many face a cost of living crisis. In particular I want to thank Postmasters who have set up their own food bank donations points in their branches showing that they truly are at the heart of their communities.”
Post Office Cash tracker data – February 2023
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for February 2023 | |
UK[1] | £2.21bn | -11.4% | +6.0% | £727.7m | -0.9% | +8.0% | £2.93bn |
England | £1.77bn | -10.2% | +3.1% | £567.8m | -1.1% | +8.5% | £2.34bn |
Scotland | £147.9m | -9.7% | -1.4% | £50.8m | +0.6% | +1.9% | £198.7m |
Wales | £107.8m | -9.8% | +5.7% | £57.5m | -0.9% | +4.8% | £165.4m |
Northern Ireland | £177.6m | -24.2% | +60.3% | £51.6m | +0.2% | +13.6% | £229.2m |
Business 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 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.
