Press release -
Personal cash withdrawals up over 3% month-on-month despite impact of Storms Dudley and Eunice
- Personal cash withdrawals over Post Office counters totalled £650.5 million in February. Up 3.2% month-on-month (£630.2 million, January 2022)
- Post Office is donating 1p from every over the counter cash withdrawal as part of £250,000 charity partnership with Trussell Trust
- Whilst personal cash withdrawals were up month-on-month, personal and business cash deposits were down as a result of Storms Dudley and Eunice impacting much of the UK in February
- Business and personal cash deposits totalled £2.08 billion in February, down 7% month-on-month (£2.24 billion, January 2022) but up almost 40% on a year ago (£1.5 billion, January 2021)
Personal cash withdrawals over Post Office counters totalled £650.5 million in February. Up 3.2% month-on-month (£630.2 million, January 2022). The increase came despite the impact of Storms Dudley and Eunice across much of the UK.
Post Office has welcomed the increase in personal cash withdrawals. It is currently running a charity partnership campaign with the Trussell Trust where 1p from every over the counter cash withdrawal is donated to the charity and Post Office hopes to raise £250,000 by the end of March. So far over £200,000 has been raised.
Business and personal cash deposits totalled £2.08 billion in February, down 7% month-on-month (£2.24 billion, January 2022) but up almost 40% on a year ago (£1.5 billion, January 2021).
Overall, Post Offices handled £2.76 billion in cash deposits and withdrawals in February. In January, the amount was £2.89 billion. Figures highlight a continued recovery in the use of cash and wider economic recovery from lockdown last year.
Martin Kearsley, Banking Director at Post Office, said:
“We are incredibly proud of our partnership with the Trussell Trust and are heartened that customers continue to visit their local Post Office to withdraw cash over the counter. We’re making good progress towards our target of raising £250,000 for the charity and the important services they provide.
“February’s stormy weather impacted people’s ability to leave their home and do their banking on the high street as well as businesses ability to open and trade. This had a knock-on impact on the amount of cash deposited at our branches. Early indications this month show cash deposit levels returning to normal levels at Post Offices.”
Post Office Cash tracker data – February 2022
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for February 2022 | |
UK[1] | £2.08bn | -7.0% | +38.7% | £673.61m | +3.3% | +33.9% | £2.76bn |
England | £1.72bn | -6.8% | +39.4% | £523.60m | +3.4% | +33.9% | £2.24bn |
Scotland | £149.9m | -7.1% | +42.9% | £49.7m | +4.4% | +23.0% | £199.5m |
Wales | £102.0m | -8.8% | +35.0% | £54.9m | +2.7% | +28.8% | £156.9m |
Northern Ireland | £110.8m | -8.1% | +26.1% | £45.4m | +2.1% | +57.9% | £156.2m |
Business cash deposits
Personal cash deposits
[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.
