Post Offices handled £3.69 billion in cash deposits and withdrawals in October, reaching the highest monthly amount since July when a record £3.78 billion was handled over the counter, shows new figures released today (11).
Personal cash deposits totaled £1.52 billion which was up 2.2 per cent month-on-month (£1.49 billion, September 2024) and up almost 15 per cent year-on-year (£1.32 billion, October 2023). October 2024 was only the third time personal cash deposits have exceeded £1.5 billion in a single month (previously July and August 2024).
Business cash deposits totaled £1.21 billion which was up almost 4% month-on-month (£1.16 billion, September 2024) and up almost 8% year-on-year (£1.12 billion, October 2023). October 2024 was only the second time business cash deposits have exceeded £1.2 billion in a single month (previously July 2024).
Personal cash withdrawals totalled £928 million which was up 6.6% month-on-month (£871 million, September 2024) and up 13% year-on-year (£821 million, October 2023). The amount withdrawn over the counter was just below the record amount withdrawn in a single month set in December 2023 (£930 million).
Ross Borkett, Post Office Banking Director, said, “Our figures indicate that demand for cash is as strong as ever as people rely on cash to budget, particularly in the run-up to Christmas, and businesses rely on it to survive a volatile trading environment. Postmasters and their teams play a vital role in supporting small businesses to trade by providing a convenient and secure location to deposit their cash takings with many branches open long hours and some at weekends.”
Post Office Cash tracker data – October 2024
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for October 2024 | |
UK[1] | £2.73bn | +3.0% | +11.6% | £963.2m | +6.6% | +13.0% | £3.69bn |
England | £2.27bn | +2.9% | +11.8% | £757.6m | +6.9% | +13.6% | £3.03bn |
Scotland | £186.8m | +6.6% | +14.8% | £64.0m | +5.4% | +8.4% | £250.7m |
Wales | £141.2m | +0.3% | +12.1% | £75.6m | +5.4% | +12.8% | £216.9m |
Northern Ireland | £130.0m | +2.6% | +4.2% | £66.0m | +5.4% | +11.7% | £200.0m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 16 October, 88 hubs have been opened in partnership between Cash Access UK and the Post Office. 168 Banking Hubs have now been announced by LINK with further openings planned for later this year.
