best way to put lump sum of cash into bank account?

pearley1981

Hi..
Ive managed to save £20000 in cash over the last few years can i just put this straight into my bank account without any questions being asked?
cheers Mark

opinions4u

Questions should be asked.

Give them an honest answer.

waveneygnome

I occassionaly buy & sell machines (mainly to overseas buyers) who all pay me in cash.

When I go to the bank to pay in, they don't usually ask any questions, but if they do, I tell them...............I have nothing to hide.

Questions for op is.....why would you want to amass £20k cash at home over a period of time, not only loosing potential interest, but for me would be the security risk - what if it got stolen?

warwicktiger

Presumably you have made a profit on this buying and selling?

Which of course you have declared on your tax returns?

Out of interest how do your overseas buyer send you wads of cash?

JonnyBravo

pearley1981 wrote: »

Hi..
Ive managed to save £20000 in cash over the last few years can i just put this straight into my bank account without any questions being asked?
cheers Mark

:rotfl:

Yes I can see your quandry. It's awkward having to say you've saved it. Oh the shame. :rolls eyes:

Unless.......

prosaver

work out how much you could save in a year and honestly... then put that figure in and hide the rest
then every year do the same, till its gone

SailorSam

If you're trying to open a new account the bank may ask questions, but if you're an existing customer and go in regular, it's not as if £20k is a massive amount. If it was £200k they may quiz you,

opinions4u

SailorSam wrote: »

If you're trying to open a new account the bank may ask questions, but if you're an existing customer and go in regular, it's not as if £20k is a massive amount. If it was £200k they may quiz you,

I know my background is that of once working for a converted building society, rather than a "proper bank". But £20k in cash is significantly unusual.

pearley1981

I work as a lanscaper and have been saving cash for 6-7 years..it would have been pointless putting it a savings account as the interest rates were so low..i wanted to put the cash in the bank but not sure what they might say...??

opinions4u

pearley1981 wrote: »

I work as a lanscaper and have been saving cash for 6-7 years..it would have been pointless putting it a savings account as the interest rates were so low..i wanted to put the cash in the bank but not sure what they might say...??

Sensibly managed, you should have been able to get 5% or 6% a year prior to 2009 and 3% since.

On £10k that would have been around £2,500 before tax.

They will ask where the money's come from. You'll tell the truth. Then they'll accept the deposit.

COOLTRIKERCHICK

I am not getting inot the debate of avoiding tax etc..

but they prob will not ask any questions, except you might get a letter or a phone call to ask you if you have thought about investing the money in a long term savings account etc...

If any questions are asked you could allways say you sold off personal belongings/ car/ gold jewelry etc....