Cash transactions totalled £3.34bn at post offices in August, almost identical to July’s £3.33bn, new data reveals.
Post Office’s latest data shows personal cash deposits totalled £1.34bn in August and business cash deposits totalled £1.14bn – almost identical amounts to figures for July. In total, cash deposits in August were £2.47bn and in July they were £2.48bn.
In Scotland business cash deposits were at their highest level for 12 months, with more than £88.7m in cash was deposited at Post Office’s 1,300 branches across Scotland, an incease of almost 6.5% month-on-month.
Personal cash withdrawals at post offices across the UK totalled £834m in August, up 2.4% month-on-month. In August, almost £60m was withdrawn over the counter at branches across Scotland and almost £67m was withdrawn over the counter at branches across Wales.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.”
In addition, Post Office reports that over £3bn worth of cash transactions at its branches have been driven by continued bank branch closures, highlighting the importance of post offices within communities.
