Post offices handled £3.37 billion worth of cash deposits and withdrawals last month, an increase of over £140 million compared to the same period in 2023, according to the Post Office’s latest cash tracker report for January 2024.
The report showed personal cash deposits totalled £1.42 billion last month, equating to an increase of almost 8% compared to December 2023 (£1.32 billion) and 2.5% compared to January 2023 (£1.39 billion).
It found business cash deposits in the UK reached a record peak of £1.14 billion, the highest in a single month since June 2023 (£1.17 billion).
It also showed personal, over the counter cash withdrawals totalled £778 million, up 10% from January 2023.
Customers also made a record-breaking £930 million of personal cash withdrawals from 11,500 branches.
Ashwin Patel, a poster master for the Royal Wootton Bassett Post Office for 12 years, recently opened a Banking Hub in response to the growing number of bank and building society closures in Wiltshire town
“Not everyone is able to do online banking because they don’t have the technology or the know-how or they need personal reassurance, advice or to be pointed in the right direction,” Ashwin said. “Banking Hubs and Post Offices are meeting real banking needs in communities and giving people the freedom to still pay for services with cash and for businesses to still be willing to accept cash, when there are places nearby to do banking.”
Ross Borkett Post banking director for Post Office explained that postmasters and their teams are keeping their branches open long hours so that millions of people can access their cash conveniently and securely: “Over 13 million cash transactions took place in January and we will continue to do all we can to support people to continue to do their everyday banking with their local Postmaster.”
The Post Office said it has partnered with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their local branch.
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