Britain Benefits from Free Cash Access
Mar 8, 2024
Brits are benefiting from free, convenient cash access that facilitates secure, private personal and business transactions, with the Post Office network—which provides banking services in partnership with major banks, building societies and credit unions—handling £3.37 billion worth of cash deposits in January, an increase of over £140 million compared to the same period in 2023.
Personal cash withdrawals reached a ‘record-breaking’ £930 million and personal cash deposits reached £1.42 billion, an increase of around eight percent over December 2023 and 2.5 percent over January 2023. Business deposits were also at a recent high, peaking at £1.14 billion, the largest figure for a single month since June 2023 at £1.17 billion.
Among the 11,500 branches offering banking services is one in Royal Wootton Bassett, an English town of around 13,500 people that had been without a bank branch for a year when non-profit organisation Cash Access UK—funded by nine major banks—stepped in to provide services out of the local Post Office. Locals noted at the time ‘it would make a lot of difference’ given many were making an hour-and-a-half journey to Swindon, the nearest major town, to access cash.
Ashwin and Rita Patel, who have run the Royal Wootton Bassett Post Office for over 12 years, said they had seen more people coming in to make cash withdrawals since the bank closures, with many seeking support and ‘a friendly face’.
Not everyone is able to do online banking because they don’t have the technology or the know-how, or they need personal reassurance and advice… Banking Hubs and Post Offices are meeting real banking needs in communities and giving people the freedom to still pay for services with cash, and [allowing] businesses to still be willing to accept cash.
Melissa Whittaker, Community Engagement Manager at Cash Access UK, says the organisation plans to open dozens more hubs across Britain in recognition of how important cash access is to millions of people. She emphasises the local benefits in particular, empowering individuals with the freedom to spend and save as they wish, and supporting local businesses that enjoy greater footfall when people don’t have to travel for cash.
Where we have [cash access hubs] in communities, we’ve found it has had a really positive impact. It’s brought people into towns. It has increase footfall.