June 2023 saw an increase in cash transactions, with a rise of £3.33bn compared to the previous month. This highlights the continued importance of cash as a preferred method of payment.
Both business and personal cash deposits reached a total of £2.48bn in June, holding steady from May 2023. Specifically, business cash deposits alone amounted to £1.17bn, showing a 3.7% year-on-year growth compared to June 2022.
In terms of volume, the total number of cash deposit transactions increased by 2.4% compared to the previous month and achieved a remarkable 12.3% year-on-year growth.
According to the Post Office‘s data, personal cash withdrawals in June amounted to £836.21m, exhibiting a 2.4% month-on-month increase from May 2023 and a 12.5% year-on-year surge from June 2022.
The surge in cash transactions at Post Office branches can be attributed to the ongoing closure of bank branches. This emphasizes the significance of Post Offices as essential community services.
Over the years, thousands of banks and building societies have closed or are scheduled to do so, with more than 500 bank branch closures announced for 2023. Post Office fills this void by partnering with over 30 banks, building societies, and credit unions, ensuring that 99% of UK bank customers can access their accounts at a Post Office branch.
Martin Kearsley, the Post Office banking director, acknowledges the vital role played by Postmasters in facilitating cash transactions: “Postmasters continuing to handle well over £3bn each month demonstrates just how vital being able to deposit and withdraw cash securely and conveniently is for millions of people. These figures clearly show that Britain is anything but a cashless society and people are reliant on cash as the tried and tested way to manage a budget.”
During the period from July 2022 to June 2023, the Post Office raised a total of £1,878,547.50 for long-affiliated charities BBC Children in Need and the Disasters Emergency Committee. Interestingly, over 80% of all donations were made in cash, emphasizing the significant role cash plays in charitable giving.
Post Office Cash tracker data – June 2023
The table below presents the cash deposit and withdrawal values for June 2023, categorizing them by country.
| Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for June 2023 | |
| UK[1] | £2.48bn | -0.0% | +1.6% | £867.07m | +2.5% | +12.6% | £3.35bn |
| England | £2.06bn | +0.05% | +2.37% | £676.95m | +2.90% | +13.16% | £2.74bn |
| Scotland | £168.20m | -2.34% | -5.82% | £61.04m | +1.51% | +6.34% | £229.24m |
| Wales | £128.24m | +1.13% | +3.97% | £67.75m | +1.01% | +9.61% | £195.99m |
| Northern Ireland | £124.35m | +0.26% | -3.20% | £61.33m | +0.37% | +16.76% | £185.68m |
[1] Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK.
