Post Office has revealed it handled £3.37bn (US$4.25bn) worth of cash deposits and withdrawals in January 2024, up over £140m (US$176m) on January 2023, highlighting the importance of financial services for customers.
Personal cash deposits were up 8% month-on-month to £1.42bn (US$1.79bn) in January compared to December 2023, and up 2.5% year-on-year.
Business cash deposits totaled £1.14bn (US$1.44bn) in January, the highest amount in a single month since June 2023 (£1.17bn/US$1.48bn). Business cash deposits were up almost 4% month-on-month and up 3.3% year-on-year.
In December, 11,500 Post Offices branches saw a record £930m (US$1.17bn) worth of personal cash withdrawals and in January, personal cash withdrawals over the counter totaled £778m (US$981m), up 10% year-on-year.
Ross Borkett, Post Office banking director, said, “Postmasters and their teams keep their branches open long hours so that millions of people can access their cash conveniently and securely and they value face-to-face interaction when doing their everyday banking.
“Over 13 million cash transactions took place in January, and we will continue to do all we can to support people to continue to do their everyday banking with their local postmaster.”
Post Office has partnerships with over 30 banks, building societies and credit unions, meaning that 99% of UK bank customers can access their accounts at their Post Office branch.