Press release -
Cash transactions at Post Offices exceed £3.7 billion for the first time
- Post Offices handled a record amount of cash in July with transactions totalling £3.77 billion.
- July was the first time cash transactions have ever exceeded £3.7 billion and is up £200 million on the previous record high set in May 2024 (£3.57 billion).
- Business cash deposits exceeded £1.2 billion in a single month for the first time (£1.24 billion) up 10% m-o-m (£1.13 billion, June 2024) and up 9% y-o-y (£1.14 billion, July 2023).
- Personal cash deposits exceeded £1.5 billion in a single month for the first time (£1.58 billion) up 11% m-o-m (£1.42 billion, June 2024) and up 17.6% y-o-y (£1.34 billion, July 2023).
- July’s CrowdStrike software outage saw cash withdrawals up 13% on Friday 19 July (£42.8 million) compared with the same day in 2023 (Friday 21 July 2023, £37.9 million). In total personal cash withdrawals totalled £917 million in July.
New figures released today reveal Post Offices handled a record £3.77 billion in cash deposits and withdrawals in July.
July was the first time that cash transactions had exceeded £3.7 billion in a single month and beat the previous record high, set in May 2024, by £200 million (£3.57 billion, May 2024).
Post Offices had seen two consecutive record-breaking months for cash handling at Post Offices in April (£3.49 billion) and May (£3.57 billion) before June’s cool and wet weather likely impacted takings in the hospitality and leisure sectors (£3.43 billion). The return to summer weather in July has helped contribute to the record cash handling month.
The record cash handling undertaken by Postmasters and their teams every month comes at the same time as the Financial Conduct Authority recently confirmed plans to protect access to cash for consumers and small businesses. Post Office continues to play its role at the heart of the nation’s cash infrastructure, with Postmasters across the UK providing easy access to everyday banking within every community.
Business cash deposits totalled £1.24 billion in July and this was the first time on record that business cash deposits have exceeded £1.2 billion. Business cash deposits were up 10% month-on-month (£1.13 billion, June 2024) and up 9% year-on-year (£1.14 billion, July 2023).
Personal cash deposits totalled £1.58 billion in July and this was the first time on record that personal cash deposits have exceeded £1.5 billion. Personal cash deposits were up over 11% month-on-month (£1.42 billion) and up 17.6% year-on-year (£1.34 billion, July 2023).
Personal cash withdrawals totalled £917 million in July, up 8% month-on-month (£848 million, June 2024) and up 12.5% year-on-year (£815 million). Post Offices saw a 13% increase in cash withdrawals on the day that saw a CrowdStrike software outage compared with the same day in 2023.
Ross Borkett, Banking Director at Post Office, said:
“Our figures indicate that demand for cash is as strong as ever as people rely on cash to budget 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. We are pleased that the Financial Conduct Authority have recently published new access to cash regulations to give both consumers and businesses more certainty around the future of cash.”
Post Office Cash tracker data – July 2024
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for July 2024 | |
UK[1] | £2.83bn | +10.7% | +13.7% | £951.7m | +8.1% | +12.6% | £3.77bn |
England | £2.36bn | +11.1% | +14.2% | £750.0m | +8.6% | +13.3% | £3.11bn |
Scotland | £187.4m | +9.4% | +12.6% | £62.9m | +5.3% | +8.3% | £250.3m |
Wales | £148.5m | +11.5% | +14.7% | £75.7m | +8.7% | +13.3% | £224.3m |
Northern Ireland | £131.7m | +5.4% | +5.9% | £63.1m | +4.2% | +8.2% | £194.8m |
Business cash deposits
Personal cash deposits
Banking Hubs
As at 16 July, 66 hubs have been opened in partnership between Cash Access UK and the Post Office. 147 Banking Hubs have now been announced by LINK with further openings planned for later this year.
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.
