- Business cash deposits up 3.1% on July and up 165.6% (£831 million) on April lows, when lockdown measures were in place across the UK and business cash deposits totalled £313 million.
- Personal cash deposits were up 16.3% year-on-year in August, markedly exceeding levels seen pre-pandemic.
- Total cash deposits for business and personal customers reached £1.8 billion for the month, while total cash withdrawals amounted to £574 million; relatively steady month-on-month.
- Post Office’s ability to remain open throughout pandemic continues to attract customers who found traditional bank branches closed or operating reduced hours*.
- Total cash deposits and withdrawals at Post Office counters amounted to £2.35 billion in August, down £33 million (-1.4%) on July (£2.38 billion) during a traditionally quieter month, indicating continued consolidation and recovery.
Use of everyday banking services at Post Office branches in August are traditionally less than any other month. However, high deposits by personal and business customers indicate continuing confidence and reliance on cash as this year’s deposits are not far short of the amount deposited last August. This is reflected in a 3.1% increase in business deposits since July and a 16.3% year-on-year increase for personal deposits in August.
Data is taken from the second Post Office Cash Tracker showing the billions of pounds deposited and withdrawn each month at its 11,500 branch locations.
Post Office Cash tracker data - August 2020 (*August is a traditionally quieter month)
|Cash deposits value (business and personal)||MOM%||YOY%||Cash withdrawals value||MOM%||YOY%||Total cash deposits & withdrawal value for July 2020|
|UK||£1.78 bn||0 %||-7 %||£574 m||-5.6 %||-13.3 %||£2.4 bn|
|England||£1.4 bn||-1.6 %||- 3.9 %||£447m||-6.6 %||-14.8 %||£1.8 bn|
|Scotland||£144 m||+13.4 %||-25.6 %||£47 m||-1.2 %||-4.9 %||£191 m|
|Wales||£97 m||+6.6 %||-13.6 %||£49 m||-1.2 %||-12.9 %||£146 m|
|Northern Ireland||£102 m||+0.6 %||-9.5 %||£30 m||-2.9 %||-1.9 %||£132 m|
Nick Read, Chief Executive at the Post Office, said:
“Our data shows that businesses and customers continue to rely on their local Post Office as the destination where they can deposit their cash. Our network of branches in seaside towns, rural locations and close proximity to popular tourist sites has meant that independent businesses have had a convenient location to drop off their day’s takings.”
Cash deposits specifically by business customers amounted to £831 million showing how much small businesses and independent retailers continue to rely on cash to operate. The figure for business cash deposits in August 2020 is a 3.1% increase from July as businesses continue to recover. When compared to the start of lockdown, Post Office data shows that in April, £313 million was deposited by business customers. This compared with over £1 billion in April 2019.
The value of cash deposits by personal customers remains high, and greatly exceeds pre-Covid-19 levels. In August, £945 million was deposited in cash at Post Office counters. Deposits are at higher levels than at the equivalent point in 2019 (a 16.3% increase) as individuals increasingly turn to the Post Office as a location where they can deposit cash accumulated during the lockdown period. In terms of cash withdrawals by personal customers, £552 million was withdrawn at the Post Office’s 11,500 counters. Withdrawals have yet to exceed the equivalent month the previous year.
Personal cash deposits
Personal cash withdrawals
Commenting on August’s data, Martin Kearsley, Director of Banking at Post Office, said:
“There are definitely encouraging signs of a return to the use and importance of cash following the significant lockdown dip. We are seeing a month on month growth in business cash deposits since the start of lockdown as people return to work and venture out to our shops, pubs and restaurants and leisure and tourism attractions. Our network of 11,500 Post Offices also makes it very convenient for our personal customers to deposit their cash too, whether they live in urban or rural locations, there is always a branch nearby and nearly all UK bank customers can access their accounts at Post Office.”
For further data and analysis, visit www.corporate.postoffice.co.uk/cashtracker
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 supporting the Community Access to Cash Pilots initiative led by Natalie Ceeney, Chair of the Access to Cash Review. Pilots will be run in nine local communities to trial how to improve their access to cash and where we have branches in those communities, they will play a key role in the evaluation of these pilots.
*About 2,280 banks and building society branches and 7,200 cash machines shut between April and June, according to data from the Financial Conduct Authority and the Payments System Regulator, The Sunday Times, 02/08/20
For further information or to arrange an interview with a spokesperson, contact Post Office External Relations on firstname.lastname@example.org or Tel: 0207 012 3456
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About the Post Office
With over 11,500 branches, the Post Office network is the biggest retail network in the UK, with more branches than all the banks and building societies combined.
98% of Post Office branches are run with retail partners on an agency or franchise basis.
The Post Office provides services central to peoples’ everyday lives; 99.7% of the population lives within 3 miles of a Post Office.
We offer the UK’s largest fee free cash withdrawal network through our 11,500 branches and over 2000 ATMs and 99% of UK bank customers can access their accounts at the Post Office.
Thousands of Post Office branches are now open longer, with 4000 open 7 days a week, making it even easier for customers to access vital services.
We sell 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.
Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information; visit www.postoffice.co.ukand to find out about a Post Office business opportunities; visit www.runapostoffice.co.uk
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.
About Post Office:
- With 11,500 branches, the Post Office is among the larger retail networks in the UK.
- 98% of Post Office branches are run with retail partners on an agency or franchise basis.
- The Post Office provides services central to peoples’ everyday lives; 99.7% of the population lives within 3 miles of a Post Office.
- We offer the UK’s largest fee free cash withdrawal network through our 11,500 branches, over 2,000 cash machines and 99 per cent of UK bank customers can access their accounts at the Post Office.
- We sell 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.
- Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information; visit www.postoffice.co.uk and to find out about a Post Office business opportunities; visit www.runapostoffice.co.uk