Post Office cash transactions set new record for second month in a row

Cash transactions at Post Office branches have set new record high for the second month in a row.

Deposits and withdrawals totalled a record £3.57 billion in May, beating a previous record high set in April 2024, when the figure was £3.48 billion.

Personal cash deposits were up by 12% annually in May, while business cash deposits were broadly unchanged annually, the Post Office found.

The release of the figures follows the launch of new banknotes featuring a portrait of the King, on June 5.

King Charles III banknotes
Banknotes featuring the King’s portrait entered circulation on June 5 (Lucy North/PA)

The Post Office has an agreement with several banks, allowing people to make day-to-day banking transactions over its counters.

It recently partnered with Monzo and the Post Office said the partnership continues to contribute positively to the total value of cash deposits.

Ross Borkett, banking director at Post Office, said: “Millions of people continue to come to our branches every week as they are frequently the only place where people can do their everyday banking at a time that is convenient for them.”