Record £3.2 billion in cash handled at Post Offices in March

Record £3.2 billion in cash handled at Post Offices in March

Post Office’s 11,500 branches handled a record £3.2 billion in cash in March.

This was the first time since December that cash deposits and withdrawals exceeded £3 billion demonstrating the continued significance of cash for millions of people, particularly those budgeting for an expected increase in bills.

Personal cash deposits were up 15% month-on-month and totalled £1.31 billion in March. This was the first-time personal cash deposits had exceeded £1.3 billion in a single month. The previous highest amount had been £1.27 billion in December 2021.

Business cash deposits were up 15% month-on-month and totalled £1.09 billion in March. This was the first-time business cash deposits had exceeded a billion pounds since December 2021. The previous highest amount had been £1.06 billion in September 2021.

Personal cash withdrawals at Post Office counters were up 20% month-on-month and totalled £779 million in March. This was the highest amount since December when the traditional Christmas increase in cash withdrawals saw £801 million withdrawn.

The increase in personal cash withdrawals coincided with Post Office exceeding its £250,000 fundraising target for the Trussell Trust. Since 30 November, 1p from every cash withdrawal at the counter has been donated to the charity. Post Office customers raised £295,000 for the charity by the end of March.

Overall Post Offices handled £3.2 billion in cash deposits and withdrawals in March. In February, the amount was £2.76 billion and in January, the amount was £2,89 billion. Figures highlight a continued recovery in the use of cash and wider economic recovery from lockdown last year.

Martin Kearsley, Banking Director at Post Office, said:

“Postmasters handling a record £3.2 billion in cash, in a single month, demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people. This is a difficult period for people with rising bills and we’re proud to have raised almost £300,000 for the Trussell Trust who will be supporting people over the coming months. Cash has been around for centuries and is the tried and tested way of managing a strained budget. People can always withdraw the amount of cash that they need to the penny at any of our 11,500 Post Offices.”

Over last year’s Easter Bank Holidays, Post Offices saw £30 million worth of cash withdrawn over its counters. Current trends suggest cash withdrawals this Easter will be higher as people holiday around the UK providing cafes, pubs and the hospitality sector much needed cash takings.

Martin Kearsley added:

“Bank branches are typically closed over the Easter weekend and some cash machines, particularly in tourist hot spots, can run out of cash. Thousands of Post Offices are open across the Easter weekend ensuring those that need cash have somewhere to get it.”

Post Office Cash tracker data – March 2022

Cash deposits value (business & personal)

MOM%

YOY%

Cash withdrawals value (business & personal)

MOM%

YOY%

Total cash deposits & withdrawal value for March 2022

UK[1]

£2.40bn

+15.1%

+31.5%

£806.9m

+19.8%

+31.8%

£3.20bn

England

£1.98bn

+15.1%

+32.2%

£629.2m

+20.2%

+31.6%

£2.61bn

Scotland

£169.9m

+13.4%

+31.3%

£57.9m

+16.4%

+21.2%

£227.8m

Wales

£119.7m

+17.4%

+29.1%

£64.3m

+17.2%

+23.9%

£184.0m

Northern Ireland

£127.6m

+15.1%

+23.0%

£55.5m

+22.2%

+60.5%

£183.1m

Business cash deposits

Personal cash deposits

Personal cash withdrawals

For further data and analysis, visit https://corporate.postoffice.co.uk/cashtracker

[1] Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK.

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