Post Office sees record high levels of cash transactions as Britons continue to seek access to cash
Post Office now has 11,500 branches across the UK
PA
Post Office branches saw a record amount of cash deposits and withdrawals last month, as Britons continue to use cash despite widespread bank branch closures.
There was a total of £3.48billion in personal cash transactions across the 11,500 Post Office sites in April, marking the highest-ever levels.
In the UK, total cash deposits (business and personal) increased by 4.7 per cent month-on-month and 26.5 per cent year-on-year in April, to £2.62billion.
Total withdrawals reached £864.9million, despite a slight month-on-month decrease of 0.77 per cent.
Year-on-year, withdrawals increased by 20.4 per cent.
Post Office now offers cash deposit facilities for Monzo customers at all branches nationwide.
Post Office and Cash Access UK have announced 50 Banking Hubs have now been opened
POST OFFICE
The recent partnership has led to an increase in the total value of cash deposits and withdrawal value for April 2024.
Many banks already have an agreement with Post Office, meaning their customers can carry out routine transactions at Post Office counters.
Ross Borkett, banking director at Post Office said: "Post Office is delighted to welcome Monzo as another partner in our Banking Framework, helping us ensure more UK banking customers than ever before can access essential cash services in any Post Office branch.
“It is positive to see the continued growth in customers using their local Post Office, and accessing essential cash services through our extensive partnership with banks.
"The fact that we are seeing the highest ever levels of cash withdrawals and deposits demonstrates the growing importance of our services in providing access to cash for customers and businesses across the UK."
Jeet Jadeja, postmaster for Staple Hill in Bristol and Quedgeley in Gloucestershire, said: “Having Monzo on board for cash deposits is fantastic and will make a huge difference for banking customers.
"Monzo has over nine million retail customers as well as 400,000 business customers so this will widen Post Office’s appeal in both of my branches and across the network.”
Last week, Post Office and Cash Access UK announced 50 Banking Hubs have now been opened.
Some 121 Banking Hubs have been announced by LINK with further openings planned for later this year.
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They also have a private area where customers who are seeking specialised knowledge or confidentiality can speak with community bankers from their bank.
The participating banks operate on a rotational basis, meaning staff from different banks will be there on their designated day.
Post Office run a counter service in Banking Hubds, which allow customers of any bank to withdraw and deposit cash, settle bills and carry out routine banking transactions.