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  • FIRST POST
    • purpleroad
    • By purpleroad 16th May 17, 9:45 PM
    • 54Posts
    • 3Thanks
    purpleroad
    Saving the same £10 and £20 notes?
    • #1
    • 16th May 17, 9:45 PM
    Saving the same £10 and £20 notes? 16th May 17 at 9:45 PM
    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?
Page 1
    • george4064
    • By george4064 16th May 17, 9:49 PM
    • 857 Posts
    • 910 Thanks
    george4064
    • #2
    • 16th May 17, 9:49 PM
    • #2
    • 16th May 17, 9:49 PM
    Just iron them, they will look nice and crisp.
    "If you arenít willing to own a stock for ten years, donít even think about owning it for ten minutesĒ Warren Buffett

    Save £12k in 2016 - #045 £10,358.81/£12,000 (86%)
    Save £12k in 2017 - #003 £11,044.98/£12,000 (92%)
    • redped
    • By redped 16th May 17, 10:14 PM
    • 604 Posts
    • 542 Thanks
    redped
    • #3
    • 16th May 17, 10:14 PM
    • #3
    • 16th May 17, 10:14 PM
    Once the notes have been withdrawn from circulation, and assuming they're Bank of England notes, then the BoE will still exchange them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
    • By purpleroad 16th May 17, 10:26 PM
    • 54 Posts
    • 3 Thanks
    purpleroad
    • #4
    • 16th May 17, 10:26 PM
    • #4
    • 16th May 17, 10:26 PM
    Once the notes have been withdrawn from circulation, and assuming they're Bank of England notes, then the BoE will still exchange them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
    Originally posted by redped

    What would exchange a few thousand pounds worth without recording their name etc lol?
    • redped
    • By redped 16th May 17, 10:38 PM
    • 604 Posts
    • 542 Thanks
    redped
    • #5
    • 16th May 17, 10:38 PM
    • #5
    • 16th May 17, 10:38 PM
    What would exchange a few thousand pounds worth without recording their name etc lol?
    Originally posted by purpleroad
    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
    • By enthusiasticsaver 16th May 17, 11:05 PM
    • 4,674 Posts
    • 8,851 Thanks
    enthusiasticsaver
    • #6
    • 16th May 17, 11:05 PM
    • #6
    • 16th May 17, 11:05 PM
    No, there is no point in doing this. Why is he or she reluctant to use a bank?
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • atush
    • By atush 17th May 17, 10:23 AM
    • 16,333 Posts
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    atush
    • #7
    • 17th May 17, 10:23 AM
    • #7
    • 17th May 17, 10:23 AM
    the most import problems with that approach is being burgled, or a fire.

    Put the money in a bank
    • Wookey
    • By Wookey 17th May 17, 11:23 AM
    • 804 Posts
    • 404 Thanks
    Wookey
    • #8
    • 17th May 17, 11:23 AM
    • #8
    • 17th May 17, 11:23 AM
    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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