Looking to withdraw my savings from the banking system

Inactive

Whilst I do not agree with what the OP is considering, it is his money at the end of the day to do with as he deems fit, it is not for us to judge the wisdom of his actions.

Reaper

Whether this is an acceptable solution depends on your reasons for withdrawing the money, but you could rent a security box in a bank to stick your money in. That way it is outside the banking system, though not outside the bank.

Decadent_Fool

If I were you, I'd get a Jacobs crackers box and put in 10 or so of those silicone packages you get in products that absorb excess moisture.

Don't bag the money up as it'll retain moisture, but put it in the cracker box and wrap it in Denso tape (http://www.denso.net/densotape/index.htm); make sure there is a significant overlap to ensure the whole box is water tight.

Than bury it in the back garden, perhaps 500mm beneath some slabs that can be easily lifted with a spade.

owner

Decadent_Fool wrote: »

If I were you, I'd get a Jacobs crackers box and put in 10 or so of those silicone packages you get in products that absorb excess moisture.

Don't bag the money up as it'll retain moisture, but put it in the cracker box and wrap it in Denso tape (http://www.denso.net/densotape/index.htm); make sure there is a significant overlap to ensure the whole box is water tight.

Than bury it in the back garden, perhaps 500mm beneath some slabs that can be easily lifted with a spade.

Be sure to do it under cover of darkness though ! never know who might be watching

Decadent_Fool

...but you have to be careful no-one thinks you're burying anything shady.

Oh, he is! :rotfl:

redpete

ianmoticon wrote: »

sons - I'm not interested in discussing why.
talana - I've already said I'm not interested in interest. Any advice about protection for whatever method is welcomed, as I've pointed out in my original post.

This isn't a discussion about my decision. If anyone has any advice about the question in hand, then I'd be interested to hear.

If you want advice you need to give some hint as to the risks you want to protect against.

Protect against inflation - presumably not because you're not interested in interest.

Protect against hyper-inflation - presumably not because you're considering bank notes in a safe.

Protect against failure of one or more financial institutions - presumably not because the £50k guarantee is not good enough.

Protect against failure of the financial system - again banknotes might not be any use in those circumstances.

Protection against collapse of western civilisation - you need something with intrinsic value that can be stored safely. Can you guarantee that a safe cannot be removed, or you will never be forced to divulge the combination, and that it will protect the contennts gainst fire. Will the intrinsic value of whatever you choose always have that value in a situation when all financial, government and social institutions have failed.

Remove yourself from the view of government, financial or other agencies? You need used £20 notes, a safe that will never be broken into or removed and will protect the contents against fire, physical security to ensure that you or your family will never be used as a bargain position to get you to open the safe.

Decadent_Fool

redpete wrote: »

You need used £20 notes

Make sure they're used new design ones, as you could find yourself in a bit of a pickle otherwise

tonygee_3

Give it all to charity if its causing you so much grief

gozomark

ianmoticon wrote: »

This isn't a discussion about my decision.

it is now....

PasturesNew

Buy a safe for cash from Sainsburys, in a town 200 miles away.
Get it into your house in complete darkness, in a black bin bag, without even the family seeing.
Dig a hole in the garden without anybody seeing you at all.
Bury the safe.
But don't get run over/have a heart attack/become paralysed from the eyes down... ever.

All my cash is in the banks and I am not worried at all. All the doom mongering is akin to a UFO being reported in the local/national papers .. and everybody referring to the War of the Worlds and Day of the Triffids. An interesting read, but no need to become a paranoid nutter about.