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Personal cash withdrawals up 7% in November

Post Office

Post offices had their busiest month of the year for personal cash withdrawals in November, new data reveals. 

The data shows personal cash withdrawals across Post Office’s 11,500 branches totalled £878m in November, up 7% month-on-month, and up 5% year-on-year. 

In addition, personal cash deposits totalled £1.29bn in November compared with £1.32bn a month earlier, up slightly on last year (£1.27bn). 

The Post Office data reveals business cash deposits totalled £1.11bn in November compared with £1.12bn in October. Business cash deposits had also dipped compared with last year (£1.13 bn). 

In total, £3.3bn in cash was deposited and withdrawn over the counter at post offices in November – this was almost identical to a month earlier. 

Overall, the volume of cash deposit transactions was up more than 450,000 year-on-year (+8.5%) indicating that businesses in particular are responding to bank-imposed cash limits by depositing smaller values but at higher volumes at their local Post Office.  

Ross Borkett, Post Office Head of Banking, said: “The increase in cash withdrawals last month coincide with other research which all indicates that some people are increasingly turning to cash in order to manage their budgets.” 

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