With over 11,500 branches, Post Office is the UK’s largest retail network, with more branches than all the banks and building societies combined. And Post Office branches are often the last counter in town where businesses can deposit a day’s takings. That ‘cash cycle’ will play a vital part in the UK’s economic recovery from Covid-19.
The Post Office Cash Tracker illustrates the continuing reliance that small businesses and individuals place on being able to quickly and securely deposit and withdraw cash.
Post Office Cash Tracker for August
Use of everyday banking services at Post Office branches in August are traditionally less than any other month. However, high deposits by personal and business customers indicate continuing confidence and reliance on cash as this year’s deposits are not far short of the amount deposited last August. This is reflected in a 3.1% increase in business deposits since July and a 16.3% year-on-year increase for personal deposits in August.
Data is taken from the second Post Office Cash Tracker showing the billions of pounds deposited and withdrawn each month at its 11,500 branch locations.