Post Office Cash withdrawals top £1bn inDecember 2024

And it’s a trend which has continued to the end of the year; new figures just released on 13th January 2025 reveal that for the first time on record, cash withdrawals at post offices exceeded £1bn in a single month.

As bank closures show no signs of stopping, the Post Office has stepped in to provide a valuable cash-handling service for both withdrawals and deposits. 

But what is particularly interesting from a Loomis perspective is the continuing increase in withdrawals, meaning that there is more cash circulating in society.

Post Office branches saw £979m worth of personal cash withdrawals over the counter in December and £35m worth of business cash withdrawals.
The previous record high was set in December 2023 when a total of £962.8m worth of personal and business cash withdrawals were made.

In total, more than £3.7bn worth of cash deposits and withdrawals took place across the counter at post offices in December. This compares with £3.53bn in November.

Personal cash and business cash deposits totalled £2.69bn in December - up over 11% year-on-year (£2.42bn, December 2024).

Personal cash deposits totalled £1.53bn, up 5% month-on-month (£1.45bn, November 2024) and up almost 16% year-on-year (£1.32bn, December 2023).

Business cash deposits totalled £1.17bn, up 3.8% month-on-month (£1.12bn, November 2024) and up 6% year-on-year (£1.10bn, December 2023).

On Christmas Day itself, over £3.7m in cash was withdrawn or deposited over the counter at 1,300 Post Office branches that were open.

Ross Borkett, Post Office banking director, has commented: 

“Our figures demonstrate that millions of people clearly still rely on cash to manage their budget on a day-to-day basis”.
“We saw significant amounts of cash withdrawn every day in the run up to Christmas Day, highlighting just how vital it is for people to be able to withdraw the amount that they need, to the penny if they require”.

When cash is withdrawn in Post Offices it attracts footfall which benefits other nearby retailers too.
And when cash is withdrawn locally it also tends to be spent locally - on local high streets, in convenience stores, hospitality outlets, pubs …

For any of these types of outlets, efficient and secure cash-management is a must.
Loomis has a comprehensive range of smart safes which take care of cash-handling needs. With a service designed to protect and manage cash effectively and efficiently, Loomis combines leading secure intelligent safe technology with a top class cash collection service, offering the perfect way to manage cash takings effectively and efficiently.

With a SafePoint smart safe in place Loomis can seamlessly manage your cash and safely transport your takings - you can deposit your cash takings at point of sale, check for counterfeit notes, have full transparency of each transaction, reconcile cash takings, enable automated collection and access essential management information.

No more counting money, no more trips to the bank - and more time for management and employees to focus on tasks which don’t consume valuable time but actually help to build the business.

See the SafePoint range 

Source of Post Office statistics https://www.talkingretail.com