Press release -
Record £3.2 billion in cash handled at Post Offices in March
- Post Office’s 11,500 branches handled a record £3.2 billion in March, significantly up from figures for February (£2.7bn) and January (£2.9bn), both impacted by on-going Covid-19 uncertainties and stormy weather
- Personal cash deposits up 15% month-on-month (£1.31bn, March 2022)
- Business cash deposits up 15% month-on-month (£1.09bn, March 2022) and first time exceeded a billion since December
- Personal cash withdrawals at Post Office counters up 20% month-on-month, totalling £779 million
- Increase in personal cash withdrawals coincided with Post Office exceeding £250,000 fundraising target for Trussell Trust raising £295,000 at the end of March by donating 1p from every cash withdrawal over the counter
Post Office’s 11,500 branches handled a record £3.2 billion in cash in March.
This was the first time since December that cash deposits and withdrawals exceeded £3 billion demonstrating the continued significance of cash for millions of people, particularly those budgeting for an expected increase in bills.
Personal cash deposits were up 15% month-on-month and totalled £1.31 billion in March. This was the first-time personal cash deposits had exceeded £1.3 billion in a single month. The previous highest amount had been £1.27 billion in December 2021.
Business cash deposits were up 15% month-on-month and totalled £1.09 billion in March. This was the first-time business cash deposits had exceeded a billion pounds since December 2021. The previous highest amount had been £1.06 billion in September 2021.
Personal cash withdrawals at Post Office counters were up 20% month-on-month and totalled £779 million in March. This was the highest amount since December when the traditional Christmas increase in cash withdrawals saw £801 million withdrawn.
The increase in personal cash withdrawals coincided with Post Office exceeding its £250,000 fundraising target for the Trussell Trust. Since 30 November, 1p from every cash withdrawal at the counter has been donated to the charity. Post Office customers raised £295,000 for the charity by the end of March.
Overall Post Offices handled £3.2 billion in cash deposits and withdrawals in March. In February, the amount was £2.76 billion and 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:
“Postmasters handling a record £3.2 billion in cash, in a single month, demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people. This is a difficult period for people with rising bills and we’re proud to have raised almost £300,000 for the Trussell Trust who will be supporting people over the coming months. Cash has been around for centuries and is the tried and tested way of managing a strained budget. People can always withdraw the amount of cash that they need to the penny at any of our 11,500 Post Offices.”
Over last year’s Easter Bank Holidays, Post Offices saw £30 million worth of cash withdrawn over its counters. Current trends suggest cash withdrawals this Easter will be higher as people holiday around the UK providing cafes, pubs and the hospitality sector much needed cash takings.
Martin Kearsley added:
“Bank branches are typically closed over the Easter weekend and some cash machines, particularly in tourist hot spots, can run out of cash. Thousands of Post Offices are open across the Easter weekend ensuring those that need cash have somewhere to get it.”
Post Office Cash tracker data – March 2022
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for March 2022 | |
UK[1] | £2.40bn | +15.1% | +31.5% | £806.9m | +19.8% | +31.8% | £3.20bn |
England | £1.98bn | +15.1% | +32.2% | £629.2m | +20.2% | +31.6% | £2.61bn |
Scotland | £169.9m | +13.4% | +31.3% | £57.9m | +16.4% | +21.2% | £227.8m |
Wales | £119.7m | +17.4% | +29.1% | £64.3m | +17.2% | +23.9% | £184.0m |
Northern Ireland | £127.6m | +15.1% | +23.0% | £55.5m | +22.2% | +60.5% | £183.1m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
[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.
