Post Office reports increase in cash deposits and withdrawals

Post offices handled almost £3bn in cash deposits and withdrawals in September.

Despite the impending increase to contactless payments from £45 to £100 on Friday (15 October), £1.06bn was deposited by business customers in September. This was up 3.1% month-on-month and up 9.6% year-on-year.

Personal cash deposits exceeded a billion pounds for the seventh successive month. In September, £1.22bn was deposited over the counters, which was 3.5% up month-on-month.

In addition, Personal cash withdrawals in September 2021 totalled £685m – an increase of 2.7% on August and up almost 16% year-on-year.

In total, £2.99bn was deposited and withdrawn by personal and business customers in September, the highest ever amount in a single month, and a demonstration of the daily reliance on cash that millions of businesses and consumers have. In August, the figure was £2.90bn.

Martin Kearsley, Banking Director at Post Office, said: “Each month brings news of further bank branch closures, and in many communities across the country Post Office is already the last counter in town. Despite the impending increase in contactless payments, we know that small businesses in particular recognise the value of cash now more than ever. We’re preparing for continued increases at our branches as postmasters support local businesses in their community by staying open long hours and weekends, providing a convenient and secure place for businesses and the self-employed to deposit much needed cash takings.”

Post Office expects to shortly exceed £3bn in monthly cash deposits and withdrawals for the first time in its 360-year history as banks continue to close branches or announce forthcoming closures.