Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Post office cash deposits top £1b for two successive months

Post office

Around £1.07 billion was deposited over Post Office counters, following personal cash deposits of £1.12 billion in March

The total amount of cash deposited by people at Post Office branches topped £1 billion for the second month in a row in April.

The Post Office said it is the first time that personal deposits have been in excess of £1 billion for two successive months.

Around £1.07 billion was deposited over its counters, following personal cash deposits of £1.12 billion in March.

Personal cash withdrawals totalled £589.9 million in April, which was nearly identical to March.

Business cash deposits totalled £769 million, up 8.8% month on month. In comparison with April 2020 when the UK was in the first full month of lockdown, business cash deposits rose by 146% year on year (YOY).

Martin Kearsley, banking director at the Post Office, said: Overall cash deposits and withdrawals continue to recover as lockdown relaxation gathers pace.

More than 30 banks and building societies are part of an agreement allowing their customers to withdraw or deposit cash at any of the Post Office’s 11,500 branches.

Federation of Small Businesses national vice chair, Martin McTague, who sits on the Community Access to Cash Pilots Board, said: These figures are a reminder of the importance of cash to millions of consumers and the vital role played by the Post Office in protecting access to it.

With the pandemic accelerating the move to online banking and contactless payments, it’s critical that the banks continue to work through the Post Office network, he said.

He said: Cash is not only the first choice payment method for millions of consumers, who often belong to vulnerable groups; it also serves as a backup for when digital systems fail and a competitor to card providers.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.