Post Office dealt with record amounts of cash during August staycations
Business cash deposits were 23.5% higher than in August 2020 as people on staycations spent cash at UK hospitality venues.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Post Office handled record amounts of cash as holidaymakers embarked on UK-based staycations in August.
Some £2.9 billion was deposited and withdrawn by personal and business customers at Post Office branches in August – marking the highest ever amount in a single month.
Some £1.03 billion in business cash deposits was handled in August, which was the highest amount recorded so far this year, according to the Post Office’s cash tracker.
This was despite August traditionally being a quieter month for banking services, it added.
August was the third month in a row during which business cash deposits have exceeded a billion pounds.
Postmasters have been on hand throughout the summer dealing with record amounts of cash and supporting local businesses in the community by staying open long hours and weekends
Business cash deposits were 23.5% higher than in August 2020, as people on staycations spent money at UK hospitality venues.
Recent Post Office research found that nearly half (44%) of small hospitality and leisure businesses in the UK rely on cash daily.
Personal cash deposits exceeded a billion pounds for the sixth successive month. In August, £1.18 billion was deposited by people over the counters.
Martin Kearsley, banking director at Post Office, said: “Postmasters have been on hand throughout the summer dealing with record amounts of cash and supporting local businesses in the community by staying open long hours and weekends, providing a convenient and secure place for businesses and the self-employed to deposit much needed cash takings.”
The Post Office has an agreement with many banks which enables banks’ customers to do their day-to-day banking in its 11,500 branches.
It is running a “save our cash” campaign at SaveOurCash.co.uk.