Post Office says cash deposits and withdrawals continuing to recover

The latest data from the Post Office’s May Cash Tracker shows business cash deposits totalled £824m, up 7.2% month-on-month, and up 139% year-on-year. In Scotland, business cash deposits were up almost 36% month-on-month in May as lockdown measures continued to ease.

Personal cash deposits exceeded a billion pounds for the third successive month. In May £1.06bn was deposited over the counters, broadly in line with April (£1.07bn).

Personal cash withdrawals totalled £583m in May, down slightly from £589m in April. May was the first time since January that personal cash withdrawals had levelled off month-on-month and the first time since February that personal cash deposits had slowed month-on-month, which Post Office attributes to the wet weather seen across many parts of the UK.

Overall, cash deposits and withdrawals at post offices in May amounted to £2.49bn. This compares with £2.45bn in April and £2.44bn in March.

Martin Kearsley, banking director at Post Office, said: “Despite one of the wettest Mays on record, overall cash deposits and withdrawals continue to recover as non-essential retailers had their first full month of trading since last year. Personal cash deposits topping a billion pounds for the third month in a row highlights how important it is that both individuals and businesses have somewhere local where they can deposit their cash. Despite the relentless wet weather, postmasters continued to keep their branches open serving their local communities with all of their cash needs.”