How much cash can be deposited to a bank at once?

alouisej

Me and my partner have been saving via a piggy bank for the last 2 years and we recently smashed it open to find over £4000 inside!
However, then we felt worried that the bank would question about depositing this amount of money all at once and HMRC would suddenly tax us a huge amount if it?
How much do banks in the UK allow people to deposit at once? 
And is it able to be taxed by HMRC?

xylophone

 HMRC would suddenly tax us a huge amount if it?

If you had deposited the money in a savings account, you would have earned interest which can be taxable.  Money saved in a piggy bank earns no interest so there is nothing to tax.

The bank might  well query the source of the funds. You'll need to explain how they accumulated.

https://www.independent.co.uk/money/spend-save/questions-of-cash-will-money-laundering-rules-mean-banks-stop-us-paying-15000-into-our-accounts-a6952881.html

colsten

You should be ok depositing the money slowly and in small chunks, £50-£100 at a time, into your bank accounts. Alternatively, just use the cash for spending money. As you go forward, perhaps deploy a different savings technique?

Alexland

alouisej said:

Me and my partner have been saving via a piggy bank for the last 2 years and we recently smashed it open to find over £4000 inside!

How massive and totally stuffed was that piggy??

strawb_shortcake

I had £2k in change that I'd saved and paid into my bank with no questions asked, 

webjaved

I've not been asked any questions when putting large sums of money into my account. The only time I was asked what the money is going to be used for is when I was withdrawing some cash - I just told them it was to buy a car, nosy git! 

wiseonesomeofthetime

Nationwide allowed me to pay £2k in via the self service machine without concerns. It was in notes though, not piggy bank change.

Reluctantpensioner

Go into the bank and ask for some bank cash bags, they won't be happy if you expect them to count it.

MrMorgan

Reluctantpensioner said:

Go into the bank and ask for some bank cash bags, they won't be happy if you expect them to count it.

If you use Natwest they have a handy coin sorting machine (just chuck it in) - all counted and then you take a slip to counter and pay it in