Cash deposits and withdrawals return to pre-lockdown levels

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Cash deposits and withdrawals returned to pre-lockdown levels in March, new figures reveal.

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The latest Post Office Cash Tracker shows personal cash deposits and withdrawals were up 22% month-on-month, while business cash deposits saw an increase of 21%. In total, cash deposits and withdrawals at Post Offices in March amounted to £2.4bn, compared to £2bn in February and £1.99bn in January.

Personal cash deposits were at an all-time high in March, totalling £1.1bn, and broke the previous record in September when £1bn was deposited by personal customers. Personal cash deposits this March were also higher than before the Covid-19 pandemic struck the UK.

Personal cash withdrawals in March amounted to £590m in March up 22% month-on-month and 27% higher than January.

Business cash deposits in March amounted to £707m March, the highest deposited at post offices since November, excluding December and the impact of Christmas. Business cash deposits were up 21% month-on-month and up 22% compared with January this year.

Martin Kearsley, banking director at Post Office, said: “Cash deposits and withdrawals are now at their highest levels since last October and activity is starting to resurface due to pent-up demand built up over the last year, as lockdown restrictions begin to ease. Post Offices are supporting businesses, pubs and the hospitality sector get back on its feet. Our branches have remained open long hours, many seven days a week, with the size of our network across the country providing a convenient place to deposit takings.”