Press release -
Post Offices see £3.37bn worth of cash transactions in January 2024; up over £140 million on January 2023
- Post Offices handled £3.37 billion worth of cash deposits and withdrawals in January 2024, up over £140 million on January 2023 (£3.23 billion)
- Personal cash deposits totalled £1.42 billion in January, just short of the all-time record set for a single month in September 2022
- Business cash deposits totalled £1.14 billion in January, the highest amount in a single month since June 2023
- Personal cash withdrawals totalled £778 million in January, up 10% year-on-year, but down on December’s all time record (£930 million) and which is always the biggest month for cash withdrawals in the run-up to Christmas
- Postmistress Nidhi Prashar said: “In Oxted there are no banks left and we meet the banking needs of the community – so it’s non-stop banking customers.”
New figures today (12 February) reveal Post Offices handled £3.37 billion worth of cash deposits and withdrawals in January 2024, up over £140 million on January 2023 (£3.23 billion).
Personal cash deposits totalled £1.42 billion in January. This was just short of the all-time record set for a single month which was in September 2022 (+ £372,000). Personal cash deposits were up almost 8% month-on-month (£1.32 billion, December 2023) and up 2.5% year-on-year (£1.39 billion, January 2023).
Business cash deposits totalled £1.14 billion in January, the highest amount in a single month since June 2023 (£1.17 billion). Business cash deposits were up almost 4% month-on-month (£1.10 billion, December 2023) and up 3.3% year-on-year (£1.11 billion, January 2023). The all-time record for business cash deposits in a single month was set in August 2022 (£1.2 billion).
In December, Post Offices 11,500 branches saw a record £930 million worth of personal cash withdrawals. December is always the busiest month of the year for cash withdrawals in the run-up to Christmas. In January, personal cash withdrawals over the counter totalled £778 million. This was up 10% year on year (£709 million, January 2023).
Royal Wootton Bassett Post Office
Ashwin Patel, Postmaster for Royal Wootton Bassett Post Office for 12 years, has also recently opened a Banking Hub in the Wiltshire town where all the many banks and building societies, that once existed, have all closed. The highly experienced Postmaster has also opened a much-needed Post Office in West Swindon, inside a former bank premises, restoring Post Office services to this community too. Postmaster Ashwin Patel, said:
“Not everyone is able to do online banking because they don’t have the technology or the know-how or they need personal reassurance, advice or to be pointed in the right direction. Banking Hubs and Post Offices are meeting real banking needs in communities and giving people the freedom to still pay for services with cash and for businesses to still be willing to accept cash, when there are places nearby to do banking. One launderette owner, came in with £3000 in coins to pay in as it was easy to pop in.”
Oxted Post Office
Postmistress Nidhi Prashar has served Post Office customers in Surrey for 30 years at Oxted as well as serving customers for six years at her Epsom branch.
Postmistress, Nidhi Prasahar, said:
“In Oxted there are no banks left and we meet the banking needs of the community – so it’s non-stop banking customers. In Epsom there are lots of banks and building societies, but we are open longer hours than all of them, so for some customers they find it more convenient to come here.
“I love being a postmistress. It’s the people that you meet that make it so great. There aren’t many jobs where you have this great interaction with people. People come in regularly and you build up a relationship. Customers become like extended family.”
Ross Borkett, Post Office Banking Director, said:
“Postmasters and their teams keep their branches open long hours so that millions of people can access their cash conveniently and securely and they value face-to-face interaction when doing their everyday banking. Over 13 million cash transactions took place in January and we will continue to do all we can to support people to continue to do their everyday banking with their local Postmaster.”
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 – January 2024
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for January 2024 | |
UK[1] | £2.56bn | +6.1% | +2.9% | £807m | -16.2% | +9.9% | £3.37bn |
England | £2.13bn | +7.2% | +8.1% | £634.9m | -15.2% | +10.6% | £2.77bn |
Scotland | £166.9m | +0.0% | +1.9% | £54.2m | -21.7% | +7.3% | £221.1m |
Wales | £131.6m | +3.3% | +10.1% | £63.3m | -17.6% | +9.0% | £194.9m |
Northern Ireland | £130.6m | -0.4% | -44.2% | £54.6m | -20.3% | +6.2% | £185.2m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 12 February, 33 hubs have been opened in partnership between Cash Access UK and the Post Office. 102 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.
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; 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.
