In May, the Post Office saw a significant increase in cash deposits, with a total value of £2.48bn, up 10% month-on-month from April 2023. This figure represents over 5.5 million cash deposit transactions across Post Office’s 11,500 branches, a YoY increase of 7.5% from May 2022.
Business cash deposits alone contributed to £1.18bn in May, up 10% from April 2023. This marked the highest level of business cash deposits since August 2022 (£1.2 bn). On the other hand, personal cash withdrawals accounted for £817m, up 7.5% from April 2023.
With over 5,600 banks and building societies closed since 2015, and another 500 bank branch closures announced for 2023, Post Office’s partnerships with more than 30 banks, building societies, and credit unions become essential. This collaboration facilitates convenient access to banking services for 99% of UK bank customers who can access their accounts at their nearest Post Office branch.
Martin Kearsley, the Post Office banking director, said, “Postmasters continue to provide vital everyday banking services to millions of people and thousands of small businesses each month. In many communities, Post Offices are the only location where banking can be done.”
The impressive increase in cash deposits and withdrawals, coupled with the Post Office’s essential role as a banking service provider, highlights the importance of Post Office branches. Especially for small businesses in the hospitality and leisure sector that rely on local Post Offices to deposit cash takings conveniently, quickly, and securely.
In summary, the cash tracker data from the Post Office for May 2023 reinforces the significance of their collaborations with banks, building societies, and credit unions to ensure banking services are accessible to everyone. As the trend of closures of banks and building societies continues, Post Office branches will continue to be a critical channel for banking services for people and small businesses alike.
