Saving the same £10 and £20 notes?

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purpleroad
purpleroad Posts: 57 Forumite
in Savings & investments
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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  • george4064
    george4064 Posts: 2,811 Forumite
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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

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  • redped
    redped Posts: 728 Forumite
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    Once the notes have been withdrawn from circulation, and assuming they're Bank of England notes, then the BoE will still exchange them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
  • purpleroad
    purpleroad Posts: 57 Forumite
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    redped wrote: »
    Once the notes have been withdrawn from circulation, and assuming they're Bank of England notes, then the BoE will still exchange them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?
  • redped
    redped Posts: 728 Forumite
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    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.
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
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    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.
  • atush
    atush Posts: 18,726 Forumite
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    the most import problems with that approach is being burgled, or a fire.

    Put the money in a bank
  • Wookey
    Wookey Posts: 812 Forumite
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    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 353
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