Post Office (PO) branches handled £3.61bn in cash deposits and withdrawals in August, a 4.2% drop since July (£3.77bn), according to PO’s Cash Tracker data.

However, the corporation reported a strong year-on-year (YoY) increase in business and personal cash deposits, which saw a 3.9% and 13.7% boost respectively. PO said this demonstrates the ‘ongoing reliance’ on cash for individuals and businesses.

Meanwhile cash deposit value saw a YoY increase of 8.9%, and cash withdrawals amounted to £13.4m, a 4.5% rise YoY.

The results follow two consecutive record-breaking months for cash handling at post offices in April (£3.49bn) and May (£3.57bn).

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Wales experienced a particularly strong increase, with cash deposits reaching £223m, a YoY rise of 10.62%. In England, cash deposits reached £2.9bn, experiencing a 9.47% growth YoY.  

Ross Borkett, banking director at PO, said: “Our figures show that demand for cash remained strong through August, as both individuals and businesses continue to rely on it.

“Many individuals are turning to 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 stay afloat by offering a secure and convenient place to deposit cash takings, with many branches offering extended hours and weekend availability.”

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