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Saving the same £10 and £20 notes?
purpleroad
Posts: 57 Forumite
A friend has lots of cash hidden away. Is there any point in doing this? I mean putting all your £10 and £20 notes in tub and hiding it? WHen they change the notes they will become worthless, wont they? Can you take a few thousand pounds of £20 and change them for the newer notes in a bank or would he get in trouble. Shouldn't he just pay it all in?
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Comments
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Just iron them, they will look nice and crisp."If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
Once the notes have been withdrawn from circulation, and assuming they're Bank of England notes, then the BoE will still exchange them -http://www.bankofengland.co.uk/banknotes/Pages/about/exchanges.aspx0
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Once the notes have been withdrawn from circulation, and assuming they're Bank of England notes, then the BoE will still exchange them -http://www.bankofengland.co.uk/banknotes/Pages/about/exchanges.aspx
What would exchange a few thousand pounds worth without recording their name etc lol?0 -
purpleroad wrote: »What would exchange a few thousand pounds worth without recording their name etc lol?
Eh? If you mean who, instead of what, then it still doesn't make sense - they'll only exchange up to £999 without ID.0 -
No, there is no point in doing this. Why is he or she reluctant to use a bank?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£7500
365 day 1p Challenge 2026 £667.95/£296.46
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
the most import problems with that approach is being burgled, or a fire.
Put the money in a bank0 -
Put it in a bank or building society account that is paying at least an interest rate at or above the rate of inflation.Norn Iron Club member No 3530
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