Cash deposits at the Post Office return to pre-COVID-19 levels and top £2bn
Cash deposits by business and personal customers at Post Office branches in September were up 7.7% on same month last year. Branches saw the highest amount of deposits in a single month (£2bn) and this was the first time since February, before lockdown, that cash deposits exceeded the equivalent month in 2019.
Overall, cash deposits and withdrawals by business and personal customers amounted to over £2.6bn in September, up 11.3% on August (£2.35bn). Data is taken from the third Post Office Cash Tracker showing the billions of pounds deposited and withdrawn each month at its 11,500 branch locations.
Cash deposits specifically by business customers amounted to £965m showing how much small businesses and independent retailers continue to rely on cash to operate. The figure for business cash deposits in September 2020 was the highest amount since February 2020 when £890m was deposited at Post Office branches. Cash deposits by businesses were up 16.2% when compared to last month.
Nick Read, Chief Executive at the Post Office, said: “Our data shows that cash deposits are exceeding what we saw at the start of this year, as well as the amount that was deposited at the same point last year, well before the Covid-19 pandemic struck. We’ll be monitoring closely what impact the recently introduced lockdown measures have on small businesses’ ability to stay open and deposit their takings at our branches. They will continue to be the place where cash can be quickly and locally deposited helping to give small business owners more time to keep serving their customers.”
The value of cash deposits by personal customers remains high, and greatly exceeds pre-COVID-19 levels. In September, over £1bn was deposited in cash at Post Office counters. September was the first month this year were personal cash deposits exceeded a billion pounds in a single month. In terms of cash withdrawals by personal customers, £591m was withdrawn at the Post Office’s 11,500 counters. This is up 7% compared with last month. Whilst withdrawals have yet to exceed the equivalent month the previous year, September’s gap was the smallest all year with the amount withdrawn down 2.6% compared with September 2019.