Post Office figures show use of cash increased in July

Data from the first Post Office Cash Tracker, which shows the billions of pounds deposited and withdrawn each month at its 11,500 branch locations, shows cash deposits at post office branches amounted to £1.8bn in July, a 27% increase on June. Cash withdrawals amounted to £607m, a 13% increase compared on June.

Business cash deposits 63% higher in July at £817m and 155% higher compared with April. However, the figure for business cash deposits in July 2020 is still 29% down on July 2019 when it stood at £1.1bn.

The value of cash deposits by personal customers has continued to increase month-on-month since April, and has now exceeded pre-Covid-19 levels, with £960m was deposited in cash at Post Office counters in July. In terms of cash withdrawals by personal customers, £582m was withdrawn at the Post Office’s 11,500 counters. Withdrawals have yet to exceed the equivalent month the previous year.

Nick Read, chief executive at the Post Office, said: “Our data tells us that every week business customers are slowly recovering from lockdown as we see a return to pre lockdown levels of cash deposits at post offices. Our ability to keep branches open throughout the pandemic attracted cash deposits from small business and independent retailers who found their traditional bank branch closed or operating reduced hours.

“We expect to see a further increase in business deposits over the summer as the hospitality sector continues to open up.”