Business Intelligence

POST OFFICE

Post Office sees record cash withdrawals over festive period

The record figure came despite Covid-19 restrictions being introduced over the festive period in parts of the UK.

More than £800m in cash was withdrawn by personal customers over the counter at Post Office branches during the festive period, an increase of 7.8% on November and 25% up on December 2020, new figures reveal.

The record figure for December 2021 came despite Covid-19 restrictions being introduced over the festive period in parts of the UK that meant businesses reliant on cash had reduced takings and therefore in some cases reduced cash deposits at their local Post Office.

Overall, Post Offices handled a record £3.1bn in cash deposits and withdrawals in December, up on the previous £3bn November record. In December 2020, Post Offices handled £2.4bn.

Meanwhile, business cash deposits dipped 1.8% month-on-month and personal cash deposits grew 0.2% monthon-month. Personal and business cash deposits were both up 30% year-on-year.

Martin Kearsley, Banking Director at Post Office, said: “Postmasters kept their Post Offices open throughout the festive period serving their communities and providing a convenient and secure location for millions of people and businesses to do their everyday banking. Despite Covid-19 restrictions being introduced and some people’s natural desire to avoid going out to see friends and family before Christmas, it’s testament to the hard work of Postmasters that a record £3.1bn was processed at branches.

“We are incredibly proud of our partnership with the Trussell Trust and are heartened that customers withdrew a record £801m over the counter, helping us to raise vital funds for the charity.”

Post Office recently announced a new charity partnership with the Trussell Trust and is donating 1p for every cash withdrawal done over the counter.