Post Office sees surge in cash withdrawals as Britons stick to budget and bank branches close
There are 11,500 Post Office branches in the UK
POST OFFICE
Post Offices saw the highest amount of personal cash withdrawals all year in November, new figures published today show.
Personal cash withdrawals across Post Office’s 11,500 branches totalled £878million in November – a month-on-month increase of seven per cent, up from £821million in October 2023.
It’s a five per cent rise year-on-year, with personal cash withdrawals standing at £836million in November 2022.
Personal cash deposits totalled £1.29billion in November, slightly down month-on-month, compared to the £1.32billion in October.
Cash withdrawals surged in November at Post Office
POST OFFICE
However, personal cash deposits were up slightly compared to last year, with £1.27billion deposited in November 2022.
Ross Borkett, Post Office Head of Banking, said: “The increase in cash withdrawals last month coincides with other research which all indicates that some people are increasingly turning to cash in order to manage their budgets.
“Cash can be withdrawn over the counter, with no fees, at any of our 11,500 branches.
“Postmasters keep their branches open long hours, providing a convenient and secure location to withdraw cash to the penny that’s required.”
In total, £3.3billion in cash was deposited and withdrawn over the counter at Post Offices in November, which was almost identical to October (also £3.3billion).
The billions of pounds of cash transactions at Post Office branches had been driven by continued bank branch closures, the company said.
Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and more than 600 bank branch closures have taken or are set to take place this year.
Business cash deposits at Post Office branches totalled £1.11billion in November, compared with £1.12billion the month before, and £1.13billion in November 2022.
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Overall, the volume of cash deposit transactions was up more than 450,000 year-on-year (up 8.5 per cent), indicating businesses in particular are responding to bank-imposed cash limits by depositing smaller values but at higher volumes at their local Post Office.
Due to Post Office having partnerships with more than 30 banks, building societies and credit unions, 99 per cent of UK bank customers can access their accounts at their Post Office branch.
Amid widespread bank branch closures, banking hubs have been opened, to help those seeking in-person banking services.
As of December 11, 32 hubs have been opened in partnership between Cash Access UK and Post Office. More than 101, Banking Hubs have been announced by LINK, with further openings planned for 2024.