Latest Cash Tracker data from Post Office (PO) has revealed that the company handled £3.69bn in cash deposits and withdrawals in October, marking its highest monthly record since July 2024.
The news follows a month-on-month dip in transactions for PO in September, with a 1.9% drop recorded in deposits and 3.3% fall recorded in withdrawals.
However, last month saw cash activity rise back up: business and personal cash deposits in the UK totalled £2.73bn in October, up 3% month-on-month (£2.65bn, September 2024) and up over 11.5% year-on-year (£2.44bn, October 2023). Meanwhile, October’s personal cash withdrawals totalled £928m in October, up 6.6% month-on-month (£871m, September 2024) and up 13% year-on-year (£821m, October 2023).
Cash transactions at Post Office branches see monthly drop
Ross Borkett, PO 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.”
The PO also revealed that, as of 16 October, 88 Banking Hubs have been opened in partnership between Cash Access UK and PO. A total of 168 Banking Hubs have now been announced by LINK with further openings planned for later this year.
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