Business cash deposits were 23.5% higher than in August 2020 as people on staycations spent cash at UK hospitality venues.
The Post Office handled record amounts of cash as holidaymakers embarked on UK-based staycations in August.
Some £2.9 billion was deposited and withdrawn by personal and business customers at Post Office branches in August – marking the highest ever amount in a single month.
Some £1.03 billion in business cash deposits was handled in August, which was the highest amount recorded so far this year, according to the Post Office’s cash tracker.
This was despite August traditionally being a quieter month for banking services, it added.
August was the third month in a row during which business cash deposits have exceeded a billion pounds.
Business cash deposits were 23.5% higher than in August 2020, as people on staycations spent money at UK hospitality venues.
Recent Post Office research found that nearly half (44%) of small hospitality and leisure businesses in the UK rely on cash daily.
Personal cash deposits exceeded a billion pounds for the sixth successive month. In August, £1.18 billion was deposited by people over the counters.
Martin Kearsley, banking director at Post Office, said: “Postmasters have been on hand throughout the summer dealing with record amounts of cash and supporting local businesses in the community by staying open long hours and weekends, providing a convenient and secure place for businesses and the self-employed to deposit much needed cash takings.”
The Post Office has an agreement with many banks which enables banks’ customers to do their day-to-day banking in its 11,500 branches.
It is running a “save our cash” campaign at SaveOurCash.co.uk.