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Cash deposits in Post Office branches fell by £92m in October

Vicky Shaw, PA Personal Finance Correspondent
·1-min read

The total value of cash deposits in Post Office branches dipped in October, bucking a trend seen since the start of the first coronavirus lockdown.

The Post Office said people and businesses in the UK collectively deposited £1.91 billion in October – £92 million or 4.6% less than in September.

The Post Office said that, other than a seasonal fall in August, it is the first time since March that the value of cash deposits by business and personal customers has decreased month-on-month.

It said the decrease was attributed to the introduction of coronavirus-related “circuit breaks” and tiered restrictions in parts of the UK.

Overall, cash deposits and withdrawals by business and personal customers amounted to over £2.5 billion in October, down 3.6% on September.

The Post Office’s cash tracker shows money deposited and withdrawn each month at its 11,500 branches.

Martin Kearsley, director of banking at the Post Office, said: “Our data tells us that where hospitality and non-essential retail businesses have had to close as a result of lockdown restrictions there are falls in cash deposit takings at Post Offices.

“We do expect deposits to decline in England in November, though less than during the national lockdown earlier this year.”

Here is the total value of cash deposits made by people and businesses in October, and the month-on-month change, according to the Post Office:

– England, £1.55 billion, minus 4.5%

– Scotland, £148.7 million, minus 3.1%

– Wales, £97.9 million, minus 9.3%

– Northern Ireland, £107.7 million, minus 3.7%