Post Office Business

Post offices handle £3.23bn in cash in May

Figures show May was the third successive month where more than £3bn was deposited and withdrawn.

Post Offices handled a record £3.23bn in cash in May, according to new figures. May was the third successive month where more than £3bn was deposited and withdrawn in a single month.

Personal cash deposits totalled £1.35bn in May, up more than 7% month-onmonth and the highest amount recorded in a single month. In Northern Ireland, personal cash deposits exceeded £100m in a single month for the first time, with £100.2m deposited – up almost 8% month-on-month. Personal cash deposits were far higher in Northern Ireland than in Scotland (£91.4m) or Wales (£70m).

Business cash deposits totalled £1.13bn in May, up almost 2% month-on-month and the highest recorded in a single month. This was the second month in a row business cash deposits had exceeded £1.1bn in a single month.

Personal cash withdrawals totalled £770m in May, up 2.7% month-onmonth. Personal cash withdrawals were up a third year-on-year when the UK was exiting Covid-19-related restrictions.

Martin Kearsley, Banking Director at Post Office, said: “Postmasters handling a record £3.23bn in cash, in a single month, demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people. Millions continue to struggle during the cost-of-living crisis and need to be able to withdraw cash to the penny. We have welcomed government’s recent announcement about forthcoming legislation to protect cash. Now we need to see the details to ensure those who rely on cash can continue to do so for many years to come.”

Many Post Offices were open during the Queen’s Platinum Jubilee, and they handled more than £156m in cash over the four-day Bank Holiday weekend. In addition, deposits increased from £20m on 3 June to £66m on 4 June.