Press release -
Record £3.23 billion in cash handled at Post Offices
- A record £3.23 billion in cash was handled by Post Offices in May
- Personal cash deposits totalled £1.35 billion in May, up over 7% month-on-month (£1.26 billion, April 22) and highest recorded in a single month
- Business cash deposits totalled £1.13 billion in May, up almost 2% month-on-month (£1.10 billion, April 22) and highest recorded in a single month
- In Northern Ireland, personal cash deposits exceed £100 million for the first time ever
- Over Queen’s Jubilee, Post Offices provided access to cash over the counter for free throughout the 4-day celebration with £156 million handled
- Post Office prepares continuation of ‘Save our Cash’ campaign in July as it awaits details of forthcoming legislation to protect access to cash
New figures today reveal Post Offices handled a record £3.23 billion in cash in May. This was the third successive month where over £3 billion has been deposited and withdrawn in a single month.
Personal cash deposits totalled £1.35 billion in May, up over 7% month-on-month (£1.26 billion, April 22) and the highest amount recorded in a single month. In Northern Ireland, personal cash deposits exceeded £100 million in a single month for the first time ever with £100.2 million deposited, up almost 8% month-on-month. Personal cash deposits are far higher in Northern Ireland than in Scotland (£91.4 million) or Wales (£70 million).
Business cash deposits totalled £1.13 billion in May, up almost 2% month-on-month (£1.10 billion, April 22) and the highest recorded in a single month. This was the second month in a row business cash deposits had exceeded £1.1 billion in a single month.
Personal cash withdrawals totalled £770 million in May, up 2.7% month-on-month (£750 million, April 22). Personal cash withdrawals were up a third year-on-year (£583 million, May 21) when the UK was exiting Covid-19 related restrictions.
Last month, the Government announced that legislation would be introduced to protect access to cash. Post Office welcomes the Government’s announcement and want to see legislation that protects the full cash cycle, including cash withdrawals to the penny, as many more people choose to control their household budgets by spending only what they physically have in their hands. Post Office will once again run its ‘Save Our Cash’ campaign in July.
Martin Kearsley, Banking Director at Post Office, said:
“Postmasters handling a record £3.23 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. Millions continue to struggle during the Cost of Living crisis and need to be able to withdraw cash to the penny. We have welcomed Government’s recent announcement about forthcoming legislation to protect cash. Now we need to see the details to ensure those who rely on cash can continue to do so for many years to come.”
Many Post Offices across the UK were open across The Queen’s Platinum Jubilee weekend and they handled over £156 million in cash over the four-day Bank Holiday weekend Saturday. Post Offices played a vital role supporting small businesses and the hospitality sector to deposit cash takings over the Bank Holiday. Deposits increased from £20 million on Friday 3 June to £66 million on Saturday 4 June.
Post Offices have continued to support the DEC Humanitarian Appeal for Ukraine since it launched on 2 March. Since then more than £2 million has been donated at Post Office’s 11,500 branches, with £1.4 million being in cash.
Post Office Cash tracker data – May 2022
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for May 2022 | |
UK[1] | £2.47bn | +4.7% | +30.9% | £797.5m | +2.7% | +31.7% | £3.23bn |
England | £2.04bn | +4.4% | +32.0% | £621.3m | +2.9% | +31.6% | £2.66bn |
Scotland | £181.2m | +6.0% | +22.7% | £57.9m | +0.8% | +20.3% | £239.0m |
Wales | £126.6m | +6.0% | +30.9% | £64.7m | +3.1% | +28.2% | £191.3m |
Northern Ireland | £129.1m | +6.4% | +26.1% | £53.6m | +2.8% | +52.8% | £182.7m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
For further data and analysis, visit https://corporate.postoffice.co.uk/cashtracker
[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.
