Latest Post Office (PO) cashtracker results have revealed that UK branches saw a month-on-month fall of cash deposits and withdrawals, with £2.65bn recorded in deposits (-1.9%), and £903.92m recorded in withdrawals (-3.3%).

However there was a strong year-on-year increase in business and personal cash withdrawals, up 6.5% overall. Wales experiencing the highest year-on-year increase of 7.7% in withdrawals and 12.7% in cash deposits.

UK branches handled a total of £3.55bn in cash deposits and withdrawals.

Personal cash deposits also saw a significant year-on-year jump, exceeding £1.48bn which represents an increase of 13.2%. Meanwhile, business cash deposits exceeded £1.16bn across the UK, an increase year-on-year of 7.2%.

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The Post Office said the figures demonstrate the ‘ongoing reliance’ on cash for both individuals and businesses in navigating their financial transactions.

Ross Borkett, banking director at PO, 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.”

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