Cash deposits and withdrawals at post offices continue to recover

The latest Post Office’s April Cash Tracker shows business cash deposits totalled £769m, up 8.8% month-on-month. This was the highest amount deposited by businesses since last October, excluding Christmas). In comparison with April 2020, when the UK was in the first full month of lockdown, business cash deposits are up 146% year-on-year.

Personal cash deposits exceeded a billion pounds for the second successive month – the first time that has happened at the Post Office. In April £1.07bn was deposited over the counters, a 3.8% dip on March. September last year is the only other month where personal cash deposits have exceeded one billion pounds.

Personal cash withdrawals totalled £589.9m in April, almost identical to the amount withdrawn in March (£589.7m). This was the highest amount withdrawn from post office counters since last September, excluding December and the impact of Christmas.

Overall, cash deposits and withdrawals at Post Offices in April amounted to £2.45bn, compared with £2.44bn in March, and £2bn in February.

Martin Kearsley, banking director at Post Office, said: “Overall cash deposits and withdrawals continue to recover as lockdown relaxation gathers pace, and we have again seen our highest levels since last October. A 9% increase in business cash deposits is a very encouraging sign that re-opening retailers saw cash coming back into their tills in the second part of April. Post Offices are supporting businesses, pubs and the hospitality sector get back on its feet.”