Press release -
Cash transactions at Post Offices total £3.69 billion; highest amount since July
- Post Offices handled £3.69 billion in cash deposits and withdrawals in October; the highest monthly total since July 2024 (£3.78 billion).
- Business and Personal cash deposits totalled £2.73 billion in October, up 3% month-on-month (£2.65 billion, September 2024) and up over 11.5% year-on-year (£2.44 billion, October 2023)
- Personal cash withdrawals totalled £928 million in October, up 6.6% month-on-month (£871 million, September 2024) and up 13% year-on-year (£821 million, October 2023).
New figures released today (11 November) reveal Post Offices handled £3.69 billion in cash deposits and withdrawals in October. This was the highest monthly amount since July when a record £3.78 billion was handled over the counter.
Personal cash deposits totalled £1.52 billion which was up 2.2% month-on-month (£1.49 billion, September 2024) and up almost 15% year-on-year (£1.32 billion, October 2023). October 2024 was only the third time personal cash deposits have exceeded £1.5 billion in a single month (previously July and August 2024).
Business cash deposits totalled £1.21 billion which was up almost 4% month-on-month (£1.16 billion, September 2024) and up almost 8% year-on-year (£1.12 billion, October 2023). October 2024 was only the second time business cash deposits have exceeded £1.2 billion in a single month (previously July 2024).
Personal cash withdrawals totalled £928 million which was up 6.6% month-on-month (£871 million, September 2024) and up 13% year-on-year (£821 million, October 2023). The amount withdrawn over the counter was just below the record amount withdrawn in a single month set in December 2023 (£930 million).
Ross Borkett, Post Office 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.”
Post Office Cash tracker data – October 2024
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for October 2024 | |
UK[1] | £2.73bn | +3.0% | +11.6% | £963.2m | +6.6% | +13.0% | £3.69bn |
England | £2.27bn | +2.9% | +11.8% | £757.6m | +6.9% | +13.6% | £3.03bn |
Scotland | £186.8m | +6.6% | +14.8% | £64.0m | +5.4% | +8.4% | £250.7m |
Wales | £141.2m | +0.3% | +12.1% | £75.6m | +5.4% | +12.8% | £216.9m |
Northern Ireland | £130.0m | +2.6% | +4.2% | £66.0m | +5.4% | +11.7% | £200.0m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
Banking Hubs
As at 16 October, 88 hubs have been opened in partnership between Cash Access UK and the Post Office. 168 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.
