Cash withdrawals at the Post Office totalled £777 million in October, new data has revealed.

Figures show that Post Office withdrawals are up 12 per cent year on year – despite a one per cent dip compared to £785 million in the previous month.

Having handled a ‘record-breaking’ amount of cash in August - over £3 billion - the Post Office says that continued increase in cash withdrawals across its 11,500 branches is linked to the on-going closure of local bank branches. This is backed up further by a University of Bristol study which found that one in 10 UK Post Offices had been affected by a nearby bank closure, resulting in a 27 per cent rise in demand for cash deposit services.

“Post Offices already handle well over £3 billion worth of cash every month and we’re increasingly seen as the only place on the High Street where everyday banking can be done,” said Martin Kearsley, banking director at the Post Office. “We’re looking forward to working closely with the banking industry and participating banks so that these hubs can be opened and start fulfilling people’s banking needs as soon as possible.”

The news follows the Post Office's announcement that it is renewing its partnership with the Trussell Trust. From November, the Post Office will again donate 1p from every cash withdrawal and hopes to raise £330,000 for the charity over the winter, it said.

“I’m delighted that we’re working with the Trussell Trust again this year. More and more people are choosing to use cash to help them manage their budgets,” continued Kearsley. “The cash withdrawal services provided by our Postmasters, including the ability to withdraw the exact amount of cash needed, means customers of all the High Street banks can help us raise money for this vital charity.”

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