Press release -
Post Offices see cash withdrawals up 15% year-on-year in February
- Post Offices saw over £800 million in personal cash withdrawals, up 15% year-on-year partly due to February being a leap year, but also up 3.6% on last month (£778 million, January 24)
- Short month means month-on-month declines on personal and business cash deposits, but both see year-on-year increases helped by leap year
- Personal cash deposits totalled £1.28 billion, up over 6% year-on-year (£1.21 billion, February 23) and business cash deposits totalled £1.06 billion, up almost 7% year-on-year (£998 million)
- Barton-upon-Humber Postmistress Mairi Wingate said: “There’s no way that cash is dying out. With the cost-of-living situation, using cash makes it easier for people to budget and businesses are happy to accept cash from customers as long as there are nearby places to do banking.”
New figures today (11 March) reveal Post Offices saw a 15% year-on-year increase in personal cash withdrawals in February.
Helped by February being a leap year, there was £806 million in personal cash withdrawals at Post Office’s 11,500 branches – up 15% year-on-year (£702 million) and up 3.6% on January 24 (£778 million).
Personal cash deposits totalled £1.28 billion, up 6.2% year-on-year (£1.21 billion, February 2023). In January, which was a longer month, personal cash deposits totalled £1.42 billion.
Business cash deposits totalled £1.06 billion, up 6.7% year-on-year (£998 million, February 2023). In January, which was a longer month, business cash deposits totalled £1.14 billion.
In total, £3.18 billion worth of cash transactions were handled by Post Offices in February.
In February, the location for a further seven Banking Hubs were announced, taking the total to 109 Banking Hubs. 40 hubs are now open providing modern, shared spaces developed in partnership with Cash Access UK where Post Office provides everyday banking and cash services to local residents and businesses
Barton on Humber Post Office / Barton-upon-Humber Banking Hub
Mairi Wingate has been a Postmistress for 36 years, including 18 years at Barton on Humber where she’s also now running the nearby Barton-upon-Humber Banking Hub. The Banking Hub opened in November in the main market thoroughfare of the market town, at the former Lloyds premises. This had been the last bank in town, which closed a year before. Postmistress and Banking Hub operator Mairi Wingate said:
“I’m seeing lots of new faces at the Banking Hub that I have not seen before at my existing Post Office. They are in different areas of the town and the Post Office is still as busy dealing with banking deposits and withdrawals. This shows the extent of the banking needs of the town and the surrounding villages.
"There’s no way that cash is dying out. With the cost-of-living situation, using cash makes it easier for people to budget and businesses are happy to accept cash from customer as long as there are nearby places to do banking. Places like the nearby amusement arcade has lots of coins for banking.”
Ross Borkett, Post Office Banking Director, said:
“Postmasters and their teams keep their branches open long hours enabling people to access their cash conveniently and securely and they value face-to-face interaction when doing their everyday banking. February’s cash withdrawal and deposit figures suggests that a significant number of people and businesses continue to rely on being able to access their cash, for free, at their local Post Office in order to help with day-to-day management of their finances.”
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.
Post Office Cash tracker data – February 2024
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for February 2024 | |
UK[1] | £2.35bn | -8.4% | +6.4% | £835m | +3.5% | +14.8% | £3.18bn |
England | £1.96bn | -8.3% | +10.3% | £654m | +3.0% | +15.1% | £2.61bn |
Scotland | £155.5m | -6.8% | +5.4% | £58.8m | +8.4% | +15.8% | £214.3m |
Wales | £117.6m | -10.6% | +9.1% | £65.5m | +3.5% | +13.8% | £183.1m |
Northern Ireland | £117.4m | -10.1% | -33.8% | £57.3m | +5.0% | +11.7% | £174.7m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 11 March, 40 hubs have been opened in partnership between Cash Access UK and the Post Office. 109 Banking Hubs have now been announced by LINK with further openings planned for later this year.
For further data and analysis, visit https://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. On 31 January 2022, Post Office announced that the Banking Framework agreement has been extended until the end of 2025.
About Banking Hubs
Banking Hubs are modern, shared spaces developed in partnership with Cash Access UK where Post Office provides everyday banking and cash services to local residents and businesses, and high street banks can provide their customers with financial advice and other services from one of their community bankers in a dedicated room.
The hubs are operated by Post Office and intended for communities whose access to cash has been restricted as a result of bank branch closures. The status of banking hubs and whether they are open or still under construction can be seen at this link - Cash Access UK - Hubs
[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.
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; and; bill 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.
