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Post Office cash transactions dip in July

Post Office

Cash transactions and deposits at post offices totalled £3.33bn in July, slightly down on June’s £3.35bn.

Personal cash withdrawals totalled £815m in July, down 2.5% month-on-month, but were still up 1.8% year-on-year.

Meanwhile, business cash deposits totalled £1.14bn in July, also down 2.5% month-on-month, and the figure was flat year-on-year.

In contrast, personal cash deposits totalled £1.34bn in July, up 2.4% month-on-month, and marginally up year-on-year (+0.2%).

Martin Kearsley, Post Office Banking Director, said: “Small reductions in cash withdrawals and business cash deposits in what is normally a very busy summer month is an indication consumers may have started tightening their belts – or may just reflect the poor weather.

“The increase in personal cash deposits suggests people could be putting some money aside for summer staycations or possibly for a more financially constrained autumn.”

More than £3bn 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 more than 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their Post Office branch.

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