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Lumpy mattress time? Who is stashing their cash?


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To expand on @desertorchid's point it is also that physical cash is invisible to the authorities so if you have something like £10k which would prevent your receiving benefits or having your care home

It makes me laugh when people stressing out 40-50 hours a week in the office (plus commute) look down their nose at these people as if they're better than them. They aren't; the Tax Credit folk j

That would be a really bad nights sleep 😁

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Our HSBC is open 10am to 2pm each day.

With long queues outside most banks, and shorter opening times, I expect most people to have some cash that they can't physically deposit if they have to queue (no internet, can't stand physically for long, can't get to bank as local ones closed etc).

What happens when you get to the front of the queue and the bank closes? Bad luck, try again tomorrow?

So yeah, be diversified, have a few bank accounts so you can go to another bank if there is no queue. Feel sorry for the older people that are loyal to one bank, and will steadfastly queue to the bitter end.

 

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6 minutes ago, wherebee said:

I had this conversation recently with an elderly relative who was worried about not being able to get to the bank to deposit 20k.  When I pointed out if he didn't make it for a year, he'd be losing out on the grand interest sum of 200 quid if he was lucky, he stopped worrying.

200 quid? !! Please let me know what bank youre using :Jumping:

57 minutes ago, desertorchid said:

Why would you declare savings if it has no interest on it. People are just simply doing the obvious thing and ignoring money that generates no income.

Or

Huge drugs and prozzie ring run by Romanian mafia channelling the money through illegal sex traffickers buttholes.

 

48 minutes ago, Frank Hovis said:

To expand on @desertorchid's point it is also that physical cash is invisible to the authorities so if you have something like £10k which would prevent your receiving benefits or having your care home fees paid then it is wiser to keep it off the authorities' radar as then you will be able to keep it as well as receive benefits.

Stash it in monero. 

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We have reached a intersecting point on the chart. Despite banks bad reputations stemming from 2007 liar loans and PPI miss-selling. They have a useful service - the cash that you put in there is insured from loss, fire, fraud etc- it's free insurance up to £85K. This is a good benefit even though there's no interest.

 

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4 minutes ago, One percent said:

Related to this topic and in line with the sentiments in many of the posts, just heard on the radio, a discussion on the likelihood of interest rates going negative. 

This would be for banks and possibly for gilts rather than personal depositors through.

The current rush for yield on cash is into premium bonds because they still yield 1.4% when the rates on other savings accounts have been slashed; my mother mentioned getting 0.1% on her post office account.  And the more bonds you hold the closer you get to that hypothetical rate.

Consequently they are extremely busy and it is apparently near-impossible to get through on the phone; plus they advise not sending letters because they aren't opening them because they are on a only a third of staff.

One has to question why they are only on a third of staff given the government's telling everyone else to go back to work.

 

Interest rate.

https://www.nsandi.com/our-products

Rush to buy.

https://www.moneysavingexpert.com/news/2020/06/p1-5-billion-worth-of-premium-bonds-bought-in-april-as-savings-r/

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The day they start charging the masses for having money in their accounts is the day banking collapses in this country. I don't mean the £5 a month charge for certain accounts either. 

 

If I'm legally forced to have my salary paid into an account rather than in a brown envelope each Friday, then they have no right to fucking charge you for this facility. 

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As the months pass cash is getting riskier in the value it holds, even the more stable currencies in the world. And why put in a bank when it costs you to keep it there, hiding a few £10's Thousands is not all that hard or scary if you are prepared to chop away at your house a little or even better for part of your cash is to put  part of it in Bitcoin which is starting to stabilise a little, it's then 100% undetectable, far easier to hide than a suitcase of notes or lump of gold.

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15 minutes ago, Frank Hovis said:

This would be for banks and possibly for gilts rather than personal depositors through.

The current rush for yield on cash is into premium bonds because they still yield 1.4% when the rates on other savings accounts have been slashed; my mother mentioned getting 0.1% on her post office account.  And the more bonds you hold the closer you get to that hypothetical rate.

Consequently they are extremely busy and it is apparently near-impossible to get through on the phone; plus they advise not sending letters because they aren't opening them because they are on a only a third of staff.

One has to question why they are only on a third of staff given the government's telling everyone else to go back to work.

 

Interest rate.

https://www.nsandi.com/our-products

Rush to buy.

https://www.moneysavingexpert.com/news/2020/06/p1-5-billion-worth-of-premium-bonds-bought-in-april-as-savings-r/

Sitting on some inheritance we  maxed out the PB this year as an interim measure and also because they are tax free. In due course I shall put some in my SIPP and ISA next April. Still haven't dipped my toe in the VCT pond yet. 

Mrs B and I agreed not to use our respective inheritances in our joint finances (in my case because Mrs B will use it as an excuse to ramp up spending) however what I have done is paid off some of the mortgage (as an interest free loan) upfront and am then being paid back at £1000 per month. This has two benefits. The first is its an upfront saving of 1.44% interest and secondly the repayments to me soak up all of our spare cash so its not available to be spunked on a RR evoque!

 

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30 minutes ago, Kurt Barlow said:

Sitting on some inheritance we  maxed out the PB this year as an interim measure and also because they are tax free. In due course I shall put some in my SIPP and ISA next April. Still haven't dipped my toe in the VCT pond yet. 

Mrs B and I agreed not to use our respective inheritances in our joint finances (in my case because Mrs B will use it as an excuse to ramp up spending) however what I have done is paid off some of the mortgage (as an interest free loan) upfront and am then being paid back at £1000 per month. This has two benefits. The first is its an upfront saving of 1.44% interest and secondly the repayments to me soak up all of our spare cash so its not available to be spunked on a RR evoque!

 

 

Sensible strategy and my maxxed PB is also an interim measure as being somewhere to hold cash rather than just leaving it in my current account.

To be clear I don't actually advise anyone to go VCTs; rather I note that I have but as part of a wider portfolio and because their tax advantages come without the strings of SIPP or pension.

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3 minutes ago, Oskar said:

Just anecdotal, a friend of a friend got nicked over the summer and the police found several million in cash hidden about the place. 

Let's just say he worked in the chemical industry. Cash has been seized under the proceeds of crime laws.

 

TBH, it does sound like a crime happened.

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44 minutes ago, Sucralose Ray Leonard said:

The day they start charging the masses for having money in their accounts is the day banking collapses in this country. I don't mean the £5 a month charge for certain accounts either. 

 

If I'm legally forced to have my salary paid into an account rather than in a brown envelope each Friday, then they have no right to fucking charge you for this facility. 

 

Although it was posted that the Christmas before last temporary staff at Tesco were required to have their money paid onto a Tuxedo card which meant some fees when you took your money out; if you were on minimum wage this technically meant that you were receiving below minimum wage.

 

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It is rather a lot.

It works out at about £2k for every household in the UK.  So, this isn't about Grannie having £200 in cash in the pot on the mantelpiece.

And I'd imagine that it won't be evenly spread.  If we guess at about 10% of households hold 'lots of cash', that's £20k per stash.  And I reckon it'll be much less than 10% of households with (more than) that sort of readies.

I'd guess that it is dominated by 'people who are used to holding cash' -- which means UK over 60, tradespeople, those recently from other countries and criminals.

I'd suggest that it'll be spread out between those four groups.  Not sure how it would be distributed.

 

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32 minutes ago, Oskar said:

Just anecdotal, a friend of a friend got nicked over the summer and the police found several million in cash hidden about the place. 

Let's just say he worked in the chemical industry. Cash has been seized under the proceeds of crime laws.

 

The difference between pros n amateur crims is that pros work out the how to launder the cash *before* doing anything criminal.

I used to know a small time 'cupboard gardener'. I'd go round for a beer - I dont smoke - and I'd sit down and there be rubber banded wads of £20  here there n everywhere.

How do I get rid of the cash, spy?

Get married or have kids, I replied

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6 minutes ago, dgul said:

It is rather a lot.

It works out at about £2k for every household in the UK.  So, this isn't about Grannie having £200 in cash in the pot on the mantelpiece.

And I'd imagine that it won't be evenly spread.  If we guess at about 10% of households hold 'lots of cash', that's £20k per stash.  And I reckon it'll be much less than 10% of households with (more than) that sort of readies.

I'd guess that it is dominated by 'people who are used to holding cash' -- which means UK over 60, tradespeople, those recently from other countries and criminals.

I'd suggest that it'll be spread out between those four groups.  Not sure how it would be distributed.

 

 

For 1ps n 2ps. Seriously. I use self check outs to get rid of my sub 20p change.

Pound counts its bottle of whisky. My mum had 3k in hers when we cashed it.

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18 minutes ago, spygirl said:

 

Pound counts its bottle of whisky. My mum had 3k in hers when we cashed it.

That's kind of what I thought at first, but the sums don't add up.

Every household would need to have a bottle with £2k in it -- and that's just not going to happen.

10% of households could well have the equivalent of said bottle (in my family it was cash in a mug on the dresser).  But then that's not enough -- spread around 10% of families it would need to be £20k, and that's not likely.

And then you get to the 'drug money' (or just black-economy) -- which would be 1% of the population so £200k per 'household'.  That seems a bit big (although I'm not that familiar with drug dealers, so it might be reasonable).

 

 

Just now, dgul said:

That's kind of what I thought at first, but the sums don't add up.

Every household would need to have a bottle with £2k in it -- and that's just not going to happen.

10% of households could well have the equivalent of said bottle (in my family it was cash in a mug on the dresser).  But then that's not enough -- spread around 10% of families it would need to be £20k, and that's not likely.

And then you get to the 'drug money' (or just black-economy) -- which would be 1% of the population so £200k per 'household'.  That seems a bit big (although I'm not that familiar with drug dealers -- it might be reasonable).

 

 

 

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1 minute ago, dgul said:

That's kind of what I thought at first, but the sums don't add up.

Every household would need to have a bottle with £2k in it -- and that's just not going to happen.

10% of households could well have the equivalent of said bottle (in my family it was cash in a mug on the dresser).  But then that's not enough -- spread around 10% of families it would need to be £20k, and that's not likely.

And then you get to the 'drug money' (or just black-economy) -- which would be 1% of the population so £200k per 'household'.  That seems a bit big (although I'm not that familiar with drug dealers, so it might be reasonable).

 

 

 

Well ....

UK is aging.

Brown stuffed the oaps full of cash for their vote.

Whisky bottles, jars, even throwing money in fucking wishing wells that are never collected.

Coins are not used by pro crime- for obvious reasons.

 

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