Cash Use

Record high for cash withdrawals

Post Office says its latest figures clearly show that Britain is “anything but a cashless society”.

Post Offices handled a record £801m in personal cash withdrawals in July, up almost 8% month-on-month.

The figure comes as Brits increasingly rely on cash to manage their budgets and a large number take staycations.

New Post office data reveals that in total, a record £3.32bn in cash deposits and withdrawals were handled at Post Office’s 11,500 branches – £100m higher than in June.

Personal cash deposits totalled a whopping £1.35bn, up 2% month-on-month, and business cash deposits totalled £1.13bn, an increase of 1.9% month-on-month.

In addition, Post Office also processed more than 600,000 cash pay-outs for people eligible to receive energy bill support from the UK Government in July.

This totalled around £90m and provide people with an opportunity to pay energy bills, top up gas and electricity meters or use the cash to budget.

Martin Kearsley, banking director at Post Office, said: “Our latest figures clearly show that Britain is anything but a cashless society. We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget. Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical.

“Postmasters handling over £3.3bn in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”