Busiest day for cash withdrawals

Busiest day for cash withdrawals

Friday 20 December is set to be busiest day of the year for cash withdrawals at the Post Office.

At the same point last year, Friday 21 December 2018, our branches handled 400,000 cash withdrawals in a single day. In the run-up to Christmas this year, there has been a 15% increase in demand for cash withdrawals compared with last year.

Banking Services Director, Martin Kearsley, said: “Millions of consumer and business customers of UK banks are increasingly turning to the Post Office for their cash needs.

“We have seen rapid growth since last December, when we handled over 7.5 million cash withdrawals from our network of 11,500 branches right across the country. Our branches provide a personal, face-to-face service which is important to many, particularly during the festive period.”

Part of our ongoing communications campaign to raise customers’ awareness of the everyday banking essentials Post Office offers and drive footfall into our branches, today’s media announcement also includes the findings from the YouGov research we commissioned in November among 2,000 UK adults.

We found that six in 10 people (59%) across the UK who celebrate Christmas are likely to use cash instead of card when purchasing gifts, treats or socialising this Christmas. This figure rises to two thirds of people (66%) of people in rural areas, while 45% of people are likely to give cash as a gift this Christmas.

More than 28 million* (54%) say they intend to visit one of the Post Office’s 11,500 branches during the festive period. The research found that of those who intend to visit a branch:

  • 20% intend to withdraw cash and 7% intend to deposit cash.
  • Those aged 55+ are most likely to visit a Post Office (64%) and over a third (35%) of 18-24 year olds intend to visit.
  • People living in rural areas are most likely to visit to withdraw cash (30%).
  • More than two thirds (69%) who intend to visit will post Christmas cards and gifts and a further 22% intend to visit to collect or return online shopping.

Read more about Cash at Christmas in our interview with Russell Hancock, our Supply Chain Director

*Post Office figure. 54% of respondents said they would be likely to visit a Post Office branch over the festive period. We used mid-year population estimate for 2018-19 to calculate a figure based on adults aged 18+.