Post Office cash deposits rise 7% as households put money aside early for Christmas
Branches handled more than 17 million personal cash deposits between July and September, and a survey for the Post Office found many people started festive saving sooner than usual.
More people paid cash into their bank accounts at Post Office counters over the summer, with the Post Office saying many households appear to be setting money aside earlier than usual for winter and Christmas.
Its branches handled more than 17 million personal cash deposits between July and September. That was 7% more than in the same three months last year and 3% more than in April to June. The total value of those deposits rose by 5% on the previous quarter.
Withdrawals went up as well. Personal cash withdrawals at Post Office branches passed 21 million over the same period, a 3% rise on the quarter before.
Saving earlier for the festive season
Alongside the transaction figures, the Post Office commissioned a survey of 2,000 UK adults, carried out by Censuswide in October.
- 54% of those putting money aside for festive spending said they had started earlier than they normally would.
- 38% said they had begun thinking about how to pay for the festive season during the summer.
- 48% said rising living costs had prompted them to save earlier this year.
Cash itself is part of how many people manage that. In the survey, 63% said they used cash to budget or to keep money aside for particular costs, and 31% said cost-of-living pressures had led them to manage their money in cash rather than on cards. Among those who drew out cash to put aside, 46% said it helped them keep track of what they had left to spend and 37% said it stopped them overspending.
The Post Office said branch staff had seen customers paying in small, regular amounts to cover presents and family gatherings later in the year.
Banking over the counter
The Post Office has an agreement with many UK banks that lets their personal customers do everyday banking at its counters, including paying in cash and making withdrawals.
The Post Office said cash remained a practical way for many households to plan ahead and set money aside for costs they know are coming, and that it wanted to keep cash services available on local high streets.
