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 March 2021
Cash deposits and withdrawals at highest level since last October as businesses and consumers prepare for retail reopening
- Cash deposits and withdrawals at Post Offices totalled £2.4 billion in March, the highest amount since last October highlighting increased confidence in the economic recovery
- Personal cash deposits in March reached an all-time high, totalling £1.1 billion breaking previous record last September when £1 billion was deposited
- Personal cash withdrawals in March totalled £590 million, the highest level since last September (£591 million). Overall personal cash deposits and withdrawals were up 22% in March compared to February.
- Business cash deposits in March totalled £707 million, up 21% month-on-month (£586 million, February 2021) as businesses continued adapting to lockdown
- Post Offices are the only location non-essential retailers can rely on to deposit much needed cash takings as branches are open long hours and many seven days a week
Latest data from the Post Office’s March Cash Tracker shows cash deposits and withdrawals returned to pre-lockdown levels, highlighting increased confidence in the economic recovery as non-essential retail reopens today (April 12).
Personal cash deposits and withdrawals were up 22% month-on-month, while business cash deposits saw an increase of 21%. In total, cash deposits and withdrawals at Post Offices in March amounted to £2.4 billion. This compares with £2 billion in February and £1.99 billion in January.