Press release -
Cash deposits in September dip 3% month-on-month
- Business and personal cash deposits totalled £2.4 billion in September, down 3% month-on-month (£2.47 billion, August 2023)
- Cash transactions such as withdrawals and deposits at Post Offices totalled £3.25 billion in September, down month-on-month (£3.34 billion, August 2023)
- Personal cash withdrawals totalled £818 million in September, down 2% month-on-month (£834 million, August 2023). Cash withdrawals were up over 4% year-on-year (£784 million, September 2022)
- Whilst the value of cash deposits is down year on year, the volume of deposit transactions is up over 450,000 year-on-year indicating individuals and businesses are depositing smaller amounts due to on-going cost of living challenges
New figures today reveal cash transactions such as withdrawals and deposits totalled £3.25 billion at Post Offices in September. This was down compared with August when they totalled £3.34 billion.
Business and personal cash deposits totalled £2.4 billion in September. This was down 3% month-on-month (£2.47 billion, August 2023). Last September, the total was £2.5 billion.
Personal cash deposits alone totalled £1.31 billion which was the lowest amount since June 2023. Business cash deposits totalled £1.09 billion which was the lowest amount since April 2023.
Overall, the volume of cash deposit transactions was up over 450,000 year-on-year. Business cash deposit volumes alone were 6% higher than last year indicating that businesses are taking less in cash takings, and in turn depositing smaller values but at higher volumes at their local Post Office. Post Offices continue to play a critical role in the survival of small businesses as they enter the Christmas period providing convenient and secure locations to deposit cash takings. A recent independent report by London Economics found that two out of five SMEs (39%) believe that the availability of cash and banking services at Post Offices is important.
Personal cash withdrawals at Post Offices across the UK totalled £818 million in September. This down 2% month-on-month (£834 million, August 2023). Personal cash withdrawals were up over 4% year-on-year (£784 million, September 2022).
Martin Kearsley, Post Office Banking Director, said:
“Last summer we experienced our highest ever cash deposits and transactions as people were able to enjoy a first summer without Covid-19 restrictions. This helps explain the dip in cash deposits at our branches this year in comparison, but is only part of an increasingly complex picture. For many people and businesses, cost of living challenges remain. Postmasters are here to support their local communities with all of their cash needs and particularly in the run-up to Christmas as people use cash to budget and businesses rely on somewhere open long hours to deposit much needed cash takings.”
The over £3 billion worth of cash transactions at Post Office branches have been driven by continued bank branch closures, highlighting the importance of Post Offices within communities. 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 2023 so far.
Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their Post Office branch.
Post Office Cash tracker data – September 2023
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for September 2023 | |
UK[1] | £2.40bn | -3.1% | -5.6% | £848.5m | -1.9% | +4.4% | £3.25bn |
England | £1.99bn | -2.5% | -5.1% | £664.7m | -1.4% | +5.0% | £2.65bn |
Scotland | £163.0m | -6.8% | -10.6% | £58.4m | -4.7% | -0.1% | £221.4m |
Wales | £125.0m | -5.8% | -3.9% | £66.6m | -3.0% | +2.6% | £191.6m |
Northern Ireland | £123.1m | -3.5% | -8.0% | £58.8m | -3.3% | +5.0% | £181.9m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
For further data and analysis, visit https://corporate.postoffice.co.uk/cashtracker
[1] Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK.
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About the Post Office
- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
- Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and; bill payments services.
- Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
- 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
