Post Office cash withdrawals have surpassed £1billion in a single month for the first time on record, setting a new milestone in December 2024. This is despite the fact the postal service has earmarked more than 100 branches for closure.
Britons have been increasingly over access to cash services in recent years with businesses and banks moving towards cashless operations. Some 6,000 bank branch closures have taken place since 2015, according to Which?. Analysts have claimed said closures could contribute towards the decline in cash services.
The unprecedented cash withdrawal figure from the Post Office marks a significant increase from the previous record of £962.8million set in December 2023 and suggests many consumers opted for physical cash during the festive season.
Personal cash withdrawals accounted for £979million of the total, with business withdrawals making up £35million in December. The combined figure represents a notable increase from December 2023, when total withdrawals reached £962.8million.
Total cash transactions at Post Office counters, including both deposits and withdrawals, reached £3.7billion in December 2024. Even on Christmas Day, Post Office services remained accessible, with 1,300 branches open across the country.
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Post Office cash withdrawals have surged to a record level – but branches could still shut down
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These Christmas Day branches facilitated over £3.7million in cash transactions, demonstrating the essential nature of Post Office banking services. The Christmas period saw particularly high demand for cash services, with substantial daily withdrawal volumes.
Post Office banking director Ross Borkett said: “Our figures demonstrate that millions of people clearly still rely on cash to manage their budget on a day-to-day basis.”
He highlighted the significant daily withdrawals during the pre-Christmas period. “We saw significant amounts of cash withdrawn every day in the run-up to Christmas Day, highlighting just how vital it is for people to be able to withdraw the amount of cash that they need, to the penny if they require, at our branches,” Borkett said.
He praised the dedication of Post Office staff, noting: “It’s testament to the hard work of postmasters and their staff that over a billion pounds was withdrawn over the counter in a single month.”
Bank branch closures are continuing at an ‘alarming rate’, according to Which?GETTY The banking director emphasised that branches maintain extended hours of operation, including weekends and the vital role Post Office branches play in supporting local economies.
“We know that where cash is withdrawn locally it tends to be spent locally, demonstrating the vital role postmasters play in keeping local high streets going,” he said.
He noted that Post Office branches help drive footfall to nearby businesses which in turn benefits other retailers in the area.
The Post Office maintains agreements with numerous banks, enabling their customers to conduct everyday banking at Post Office counters. This service has become increasingly important following the closure of traditional bank branches across the country.
On the proposed Post Office closures, Campaign for Cash director Martin Quinn took aim at the company’s decision-making and warned of the impact if would have on people making cash withdrawals in the future.
He explained: “This is another nail in the coffin for communities who rely on the Post Office network for access to cash services. The Government must immediately demand that this closure programme be stopped, and treat the Post Office network as national infrastructure.”
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Campaigners are calling on the Post Office to halt plans for any potential closures “immediately” PA / CAMPAIGN FOR CASH 
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