Looking to withdraw my savings from the banking system

ianmoticon

Wasn't the Executive Order 6102 signed in the United States? How does that apply to the UK?

sons_2

ianmoticon wrote: »

Wasn't the Executive Order 6102 signed in the United States? How does that apply to the UK?

I guess his point is that in depressed times governments can do something like this so be aware.

Paul_Herring

ianmoticon wrote: »

Wasn't the Executive Order 6102 signed in the United States? How does that apply to the UK?

Did you miss the bit where I said "because of things like?"

ianmoticon

sons wrote: »

I guess his point is that in depressed times governments can do something like this so be aware.

Yes, but this event would be under very extreme conditions, compared to other events which are more likely, in my opinion.

[Deleted User]

op, a farmer friend had a good solid safe. The safe was cut out and he lost all his cash. Its not worth getting paranoid re savings

Paul_Herring

ianmoticon wrote: »

Yes, but this event would be under very extreme conditions,

Which is what the OP was considering. So I responded in kind. (Edit: Oh - hang on, you ARE the OP.)

compared to other events which are more likely, in my opinion.

...which I also addressed. [strike]And which (I might add) you didn't make clear in your first post.[/strike] (Edit in light of previous paragraph.)

itsallagame_2

Gold’s looking pricy atm but it could well go either way, dramatically, but if you want safely, and not speculate, steer clear.
Plus if you stay in cash, I’d be surprised if the pound disappeared overnight in the next couple of years.
Forget insurance companies, your info is not secure, insiders sell info like this, location, type of safe and quantity insured, this is personal to you and I’m sure you would keep it safe.
The same applies to where you buy a safe from, be careful some unscrupulous guys out there.
Also if interest rates improved you could stick some back in if you feel it’s safer.
Tell no one if you do keep it at home.

I,_Brian

ianmoticon wrote: »

sons - I'm not interested in discussing why.

Then why ask? Your money is safe in UK banks, and if it wasn't and the financial system came crashing down, the money in your safe would be worthless anyway.

Also, if you really are going to be so paranoid, a safe is no good - you would need to invest in significant security controls to ensure your cash is safe from even being approached by burglars. A heavy box may not be easy for opportunists, but there are are plenty of professional gangs out there.

nicko33

I suppose some of the advantages of gold as a physical asset are that it doesn't attract VAT or (in some cases) CGT.
And you can get a third-party to store it securely for you (although, at a price)

delmontebanana

It's this type of paranoia that is going to further hurt the UK's economy.