Cash remains alive and well, say post offices

A record £665m in personal cash was withdrawn in July, the highest for any month ever recorded with the exception of traditionally busy Decembers.

Total cash deposits (personal and business) rose slightly, to £2.21bn in July from £2.18 billion in June.

Both personal and business deposits exceeded £1bn.

The Post Office, which is running a “Save Our Cash” campaign, says it provides critical services to those who use cash and wants the government to underpin the long-term future of the cash system.

Martin Kearsley, banking director at the Post Office, said: “Our postmasters are providing increased support to their local communities with a convenient and secure way to withdraw cash.

“As some banks continue to close branches, either permanently or in response to staff shortages during the pandemic, post offices are ‘the last counter in town’ in many places across the country.

“More than £665m was withdrawn in a single month and this cash is predominantly being spent in local businesses, cafes and pubs on the High Street.

“Post offices will continue to play a key role in local communities’ cash eco-system up and down the country.

“Many branches are also open late in the evening and at weekends, providing local businesses with a convenient location to deposit much needed takings and in turn serve their own customers longer too.”