The Post Office (PO) saw record values in cash withdrawals and deposits in May 2024, with more than £310,000 changing hands in the average branch.

The May figures represent a 2.5% increase month-on-month.

In April, the PO said it had hit a monthly record of cash withdrawals and deposits representing a nearly 25% rise on the same period last year, equivalent to an extra nearly £60,000 in transaction values for each branch.

PO continued to credit the the rise to a deal allowing customers of challenger bank Monzo to conduct the transaction in its branches.

Ross Borkett, banking director at Post Office, said: “Millions of people continue to come to our branches every week as they are frequently the only place where people can do their everyday banking at a time that is convenient for them. Postmasters keep their branches open long hours and customers welcome being able to securely do their banking whilst being served by a friendly and knowledgeable postmaster.

“A double digit increase in personal cash deposits year-on-year and a similar increase in personal cash withdrawals shows that many people continue to rely on cash to manage their personal finances.”

In total, UK PO branches saw cash deposits and withdrawal value reach £3.57bn in May. While withdrawals reached a value of £923.4m – up 9.0% year-on-year – across branches, total cash deposits, including both business and personal, equalled £2.65bn, representing a 6.8% year-on-year increase.

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