The Post Office (PO) has reported an increase in cash transactions and deposits over the last nine months.
In figures released on 12 June, the PO’s cash tracker revealed that cash transactions and deposits reached £3.33bn in May, the highest level since September 2022 (£3.35bn).
Business and personal cash deposits rose by 10% month-on-month (mom), totaling £2.48bn, while volume of cash deposit transactions rose by 7.5% year-on-year (yoy) from 5.16m in May 2022 to over 5.5m.
Business cash deposits alone totaled at £1.18bn, up by 10% mom, the highest level of business cash deposits since August (£1.2bn). Meanwhile, personal cash withdrawals totaled £817m, up 7.5% MOM.
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The stats show the PO’s important role in supporting small shops by providing a “convenient and fast way” to deposit cash takings.
Since 2015, a total of 5,632 banks and building societies have closed, or are scheduled to close and over 500 bank branch closures have been announced for this year so far. The PO has partnerships with over 30 banks, building societies, and credit unions, so 99% of UK bank customers can access their accounts at their PO branch.
PO banking director, Martin Kearsley, said:“Postmasters continue to provide vital everyday banking services to millions of people and thousands of small businesses each month. In many communities, PO’s are the only location where banking can be done. With good weather forecast across the UK for June, Postmasters are on hand to support Britain’s pubs, restaurants, ice cream sellers, hoteliers and many others in the hospitality and leisure sector who rely on their local Post Office to deposit cash takings conveniently, quickly and securely.”
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