Post Office cash deposits and withdrawals exceed £2.9bn for second month running

Post Offices handled almost £3bn in cash deposits and withdrawals in October, continuing the strong performance seen in September, new research shows.

The latest Post Office Cash Tracker shows that business cash deposits exceeded £1bn for the fifth month in succession, although saw a 5% fall month-on-month, and personal cash deposits dipped 1.8% month-on-month. Overall, business, and personal cash deposits were still up more than 15% year-on-year.

Post Offices saw the highest amount of personal cash withdrawals all year in October, with more than £692m taken out over the counter, an increase of 1% on last month and up almost 18% on last year.

Martin Kearsley, Banking Director at Post Office, said: “Small businesses, particularly in the hospitality and leisure sectors, recognise the value of cash now more than ever. Many of their customers rely on cash, and to ensure services they offer are available to everyone in their communities, they need to accept cash to operate. Post Offices are a local, secure and reliable place where they can quickly deposit it without missing out on trade.

“October saw another strong month across our network in supporting customers and businesses to deposit and withdraw cash conveniently and securely. Postmasters are keeping their branches open long hours, playing an essential role in the cash ecosystem in their community.”