Post Offices handled £3.55 billion in cash deposits and withdrawals in September, shows the new figures released today (14).
The total cash deposits value totalled £2.65bn, a slight decline compared to this summer’s record-breaking numbers, but a year-on-year increase of 10.5 per cent. Cash withdrawals amounted to £903.92m, a 6.5 per cent rise YoY.
Demand for cash amongst Post Office customers has remained strong into the autumn months. September's figure of £3.55 billion is just short of the record-breaking £3.77 billion in cash deposits and withdrawals seen in July. This followed two consecutive record-breaking months for cash handling at Post Offices in April (£3.49 billion) and May (£3.57 billion).
Business cash deposits across the UK saw growth, reaching over £1.16bn, an increase of 7.2 per cent compared to the same period last year. Personal cash deposits across the UK exceeded £1.48bn, reflecting a significant year-on-year increase of 13.2 per cent. These increases demonstrate the ongoing reliance on cash for both individuals and businesses in navigating their financial transactions.
Regionally, there was also a strong year-on-year increase for business and personal cash deposits and withdrawals. Wales experienced the largest year-on-year increase of 7.7 per cent in cash withdrawals and 12.7% in cash deposits. In England, business and personal cash deposits reached £2.21 billion, reflecting a 11.0% growth year-on-year. Northern Ireland also experienced a noteworthy 6.8% year-on-year increase in cash withdrawals, highlighting strong cash handling activity in the region.
Ross Borkett, Banking Director at Post Office, said, "Our September figures show that demand for cash remained strong into the start of Autumn, as both individuals and businesses continue to rely on it. Many individuals continue to use cash as a trusted method for managing their day-to-day expenses, while businesses continue to rely on physical transactions to adapt to market fluctuations and uncertainties. Postmasters and their teams play a crucial role in helping small businesses thrive by offering a secure and convenient place to deposit cash takings, with many branches offering extended hours and weekend availability.”
Post Office Cash tracker data – September 2024
| Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for September 2024 | ||
| UK | £2.65bn | -1.9% | +10.5% | £903.92m | -3.3% | +6.5% | £3.55bn | |
| England | £2.21bn | -1.5% | +11.0% | £708.70m | -3.1% | +6.6% | £2.92bn | |
| Scotland | £175.39m | -5.6% | +7.7% | £60.80m | -4.3% | +4.2% | £236.19m | |
| Wales | £140.84m | -4.3% | +12.7% | £71.75m | -5.0% | +7.7% | £212.59m | |
| Northern Ireland | £127.05m | -1.3% | +3.5% | £62.67m | -2.6% | +6.8% | £189.72m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 16 July, 66 hubs have been opened in partnership between Cash Access UK and the Post Office. 147 Banking Hubs have now been announced by LINK with further openings planned for later this year.
