Skip to content
Search

Latest Stories

Post Office Cash Tracker: Post offices witness record high in cash withdrawals

Post Office attributes increase to more Brits taking staycations in the UK and people increasingly relying on cash to manage their budget.

Post Office Cash Tracker: Post offices witness record high in cash withdrawals

New figures on Monday (8) revealed that post offices handled a record £801 million in personal cash withdrawals in July.

In total, over £3.3 billion in cash was deposited and withdrawn over post office counters, the first time when the figures have crossed the £3.3 billion threshold in Post Office’s 360-year history.


Personal cash withdrawals were up almost eight per cent month-on-month (£744 million, June 2022) and up over 20 per cent year-on-year (£665 million, July 2022).

Post Office has attributed the record amount for personal cash withdrawals at its 11,500 branches to more Brits choosing to have staycations in the UK as well as people increasingly turning to cash to manage their budget on a week-by-week basis and often on a day-by-day basis.

Post Office research last month found that 71 per cent of Brits planning on going on holiday in the UK this year plan to take out cash before leaving to go on holiday. Of those who have been on holiday in the UK in the last five years, almost a third (31 per cent) admitted to being caught out cashless whilst on holiday in the UK.

In July, Post Office also processed over 600,000 cash payouts for people eligible to receive energy bill support from the UK government. This totalled around £90 million and provide people with an opportunity to pay energy bills, top up gas and electricity meters or use the cash to budget.

Personal cash deposits totalled £1.35 billion in July, up two per cent month-on-month (£1.33 billion, June 2022). Business cash deposits totalled £1.13 billion in July, up 1.9% month-on-month (£1.11 billion, June 2022).

In total, a record £3.31 billion in cash deposits and withdrawals were handled at Post Office in July, £100 million higher than in June, £3.21 billion.

Martin Kearsley, banking director at Post Office, said, “Our latest figures clearly show that Britain is anything but a cashless society. We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget. Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical. Postmasters handling over £3.3 billion in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”

Post Office Cash tracker data – July 2022:

Cash deposits value (business & personal)MOM%YOY%Cash withdrawals value (business & personal)MOM%YOY%Total cash deposits & withdrawal value for July 2022
UK[1]£2.49bn+1.9%+14.1%£828.7m+7.6%+20.0%£3.32bn
England£2.06bn+2.5%+15.0%£646.2m+8.0%+19.6%£2.70bn
Scotland£176.8m-0.9%+7.9%£60.0m+4.7%+12.8%£236.8m
Wales£127.0m+2.9%+11.6%£67.0m+8.4%+17.5%£194.0m
Northern Ireland£123.3m-4.0%+10.7%£55.4m+5.5%+38.9%£178.7m

Business Cash Deposits:

Untitled design 84

Personal Cash Deposits:

Untitled design 85

Personal Cash Withdrawals:

Untitled design 87

More For You

Southport stabbings: Terrorism watchdog rejects definition change

FILE PHOTO: Riot police hold back protesters near a burning police vehicle in Southport, England (Photo: Christopher Furlong/Getty Images)

Getty Images

Southport stabbings: Terrorism watchdog rejects definition change

TERRORISM watchdog has rejected calls to redefine terrorism following last summer's tragic Southport murders, while recommending a new offence to tackle those intent on mass killings without clear ideological motives.

Jonathan Hall KC, the Independent Reviewer of Terrorism Legislation, published his highly anticipated report on Thursday (13), concluding that the existing definition of terrorism should remain unchanged despite growing concerns about violent attackers with unclear motives.

Keep ReadingShow less
Commonwealth wreath-laying ceremony held in London

A military piper, choir, and the Sikh soldiers of the British Army took part in the ceremony.

Commonwealth wreath-laying ceremony held in London

A WREATH-LAYING ceremony was held at the Memorial Gates on Constitution Hill in London on 10 March to honour Commonwealth servicemen and women who fought in the First and Second World Wars.

Lord Boateng, chairman of the Memorial Gates Council, led the event, highlighting the importance of remembering those who served.

Keep ReadingShow less
Student visas

The ongoing negotiations focus specifically on business mobility, addressing only the relevant business visas

iStock

Student visas excluded from UK-India FTA talks, says government

THE government last week clarified that only temporary business mobility visas are part of the India-UK Free Trade Agreement (FTA) negotiations.

Other types of visas, such as student visas, will not be included in the trade deal, it was revealed during a debate in the House of Lords.

Keep ReadingShow less
India Detains Crypto Administrator Wanted by US for Laundering

Aleksej Besciokov, was charged with money laundering and accused of violating sanctions and operating an unlicensed money-transmitting business, according to the US Justice Department. (Photo: US Secret Service)

India arrests crypto administrator wanted by US for money laundering

INDIAN authorities have arrested a cryptocurrency exchange administrator at the request of the United States on charges of money laundering conspiracy and sanctions violations, the Central Bureau of Investigation (CBI) said on Wednesday.

The arrest follows a joint operation by the United States, Germany, and Finland, which dismantled the online infrastructure of Russian cryptocurrency exchange Garantex.

Keep ReadingShow less
Starmer-Getty

Starmer said that the change would free up funds for doctors, nurses, and frontline services while reducing red tape to accelerate improvements in the health system. (Photo: Getty Images)

Starmer scraps NHS England, brings health service under ministerial control

PRIME MINISTER Keir Starmer has abolished NHS England, bringing the health service under direct ministerial control.

The decision reverses a key reform introduced by former health secretary Andrew Lansley during the Conservative-Liberal Democrat coalition, The Guardian reported.

Keep ReadingShow less