Post Office personal cash withdrawals sees 12.5% year-on-year increase

Overall cash transactions totalled £3.35bn – its highest level since last September, when cash transactions also totalled £3.35bn.  

These increases in cash transactions have been driven by continued bank branch closures, with 5,632 banks and building societies having closed or being scheduled to close since 2015. Of this, more than 500 bank branch closures have been announced for 2023 so far.  

Turning to business and personal cash deposits, this totalled £2.48bn – with business cash deposits alone accounting for £1.17bn, up 3.7% year-on-year when compared to June 2022. The total volume of cash deposit transactions was up 2.4% month-on-month, and 12.3% year-on-year.  

The Post Office’s banking director Martin Kearsley said: “Postmasters continuing to handle well over £3bn each month demonstrates just how vital being able to deposit and withdraw cash securely and conveniently is for millions of people.  

“These figures clearly show that Britain is anything but a cashless society and people are reliant on cash as the tried and tested way to manage a budget.”