Personal cash withdrawals at the Post Office reached £702 million last month, an increase of more than £50 million compared to February 2022.

The hike in cash withdrawals represents an increase of eight per cent year-on-year but is lower than the £709 million withdrawn in January.

Last month the Post Office said that millions of people are visiting branches to withdraw cash in order to budget during the cost-of-living crisis.

The value of deposits fell in the month of February with personal cash deposits totalling £1.22 billion, a decrease of around 12 per cent compared to the previous month, but a rise of seven per cent year on year.

Business deposits also fell month on month by almost ten percent to £985 million but rose around five per cent compared to February 2022.

The Post Office said that the short month and higher cost of living accounted for the fall in cash deposits.

Around £2.93 billion in cash was deposited and withdrawn over the counter in February 2023, compared with £2.76 billion in February last year.

“Billions of pounds worth of cash continues to be deposited and withdrawn every month at Post Offices,” said Ross Borkett, head of banking at Post Office. “Postmasters are supporting local communities and businesses by keeping their branches open long hours and providing a convenient and secure location to access cash.”

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