Post Office cash deposits double after energy voucher rollout

Post Office expects cash deposits for February to also be significantly higher than a traditional month. Credit: PA

Post Office cash deposits in Northern Ireland have risen by almost 100% in January.

Personal cash deposits made here totaled £204.3 million in the first month of the year, which is up from £103.1 million in December.

Average monthly cash deposits are usually around £100 million and the Post Office has attributed the increase to the rollout of around 500,000 energy support scheme vouchers, which people could exchange for cash at their branches.

On 16th January, the first of 500,000 £600 vouchers were issued by the Post Office to households where energy bills are not paid by direct debit.

On 7th February, just over three weeks since starting the voucher roll out, the Post Office confirmed all vouchers had been dispatched.

Post Office expects cash deposits for February to also be significantly higher than a traditional month.

The Cash Tracker figures show the amount of cash deposited and withdrawn over the counter across the UK’s 11,500 post office branches and shows personal cash deposits at Post Offices totalled £1.4 billion in January, up over 9% compared with December.

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