Press release -
Cash transactions in August flat month-on-month
- Cash transactions and deposits at Post Offices totalled £3.34 billion August, almost identical compared with July (£3.33 billion)
- Personal cash deposits totalled £1.34 billion, almost identical to July (£1.34 billion)
- Business cash deposits totalled £1.14 billion, almost identical to July (£1.14 billion)
- Business cash deposits at Post Offices in Scotland and Wales at highest levels for 12 months
- Personal cash withdrawals totalled £834 million, up 2.4% month-on-month (£815 million, July 2023)
New figures today reveal cash transactions totalled £3.34 billion at Post Offices in August – almost identical to July’s £3.33 billion.
Personal cash deposits totalled £1.34 billion in August and business cash deposits totalled £1.14 billion. These were almost identical amounts to figures for July. In total, cash deposits in August were £2.47 billion and in July they were £2.48 billion.
In Scotland, business cash deposits were at their highest level for 12 months. Over £88.7 million in cash was deposited at Post Office’s 1,300 branches across Scotland. This was up almost 6.5% month-on-month.
In Wales, business cash deposits were also at their highest level for 12 months. Almost £62.5 million was deposited at Post Office’s over 900 branches across Wales. This was up almost 5% month-on-month.
Personal cash withdrawals at Post Offices across the UK totalled £834 million in August. This was up 2.4% month-on-month (£815 million, July 2023).
Post Offices in Scotland and Wales saw personal cash withdrawals at their highest levels since December 2022. In August, almost £60 million was withdrawn over the counter at branches across Scotland and almost £67 million was withdrawn over the counter at branches across Wales.
Ross Borkett, Post Office Head of Banking, said:
“Traditionally we have seen increases in cash deposits over the summer months as consumers tend to spend more while on summer staycations or visits than at other times of the year. The indifferent weather over July and August is likely to have had an impact on spend with hospitality and leisure businesses, but we expect last week’s scorching weather to result in increased business cash deposits at our branches as cash takings are banked over the coming days.”
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 – August 2023
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for August 2023 | |
UK[1] | £2.47bn | -0.4% | -5.5% | £865.0m | +2.3% | +3.9% | £3.34bn |
England | £2.04bn | -1.2% | -5.3% | £674.0m | +1.9% | +4.5% | £2.71bn |
Scotland | £175.5m | +5.1% | -10.7% | £61.3m | +5.4% | +0.7% | £236.8m |
Wales | £132.6m | +2.5% | -3.0% | £68.7m | +2.8% | +0.0% | £201.3m |
Northern Ireland | £127.5m | +2.5% | -4.4% | £60.8m | +4.2% | +4.7% | £188.3m |
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.
