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Increasing amount of cash.

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Increasing amount of cash.

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Wondering if I should keep more cash at home in case Banks start restricting in some way our access to our accounts.
Any feedback welcome.

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  • edited 31 October 2020 at 12:19PM
    FarwayFarway Forumite
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    edited 31 October 2020 at 12:19PM
    Cash is always King, but in moderation.
    Depends why you are concerned really, if you think your bank is the next Northern Rock or just general  Covid / Brexit worries
    Either way a few hundred readies would be useful but not too much should the dog eat it
  • tacpot12tacpot12 Forumite
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    Another strategy would be to have a second bank account with a debit card.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Keep_pedallingKeep_pedalling Forumite
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    Why on earth do you think this would happen?
  • KatiehoundKatiehound Forumite
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    Don't tell me people are suddenly stockpiling bank notes like toilet rolls !
    At present plastic is far more desirable than cash so I am not sure why you would think banks are going to hang onto your cash.
    Have I missed some major announcement? (or come to that, some scaremongering false news.)
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks


  • edited 1 November 2020 at 4:33PM
    FarwayFarway Forumite
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    edited 1 November 2020 at 4:33PM
    Maybe linked to talk of negative interest rates, where you pay the bank to keep your money in it
    Reported when applied in some countries the sale of safes rocketed as people failed to do as clever economists predicted & spend their money on consumer goods, they just took it out of the bank & stuffed it into a safe
  • edited 2 November 2020 at 6:28AM
    badmemorybadmemory Forumite
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    edited 2 November 2020 at 6:28AM
    I must say that rather than spend on (useless) consumer goods I think that anything I had in an account that was likely to go negative may well land up "under the mattress" if I couldn't find another more profitable home for it.  I doubt I am the only one!
  • edited 3 November 2020 at 3:46PM
    MoneySeeker1MoneySeeker1 Forumite
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    edited 3 November 2020 at 3:46PM
    I had a couple of different reasons why I went ahead and spent (quite a bit of) money I hadn't actually got on bigger purchases for my house a couple of years back now. I went ahead and bought 2 sofas (on interest free credit) and got the new kitchen my house needed (with a loan).

    Cue for me being in a position that I'd safely spent a 5 figure amount of money before Lockdown etc came along and the payments were just coming out of my bank account automatically every month. Now SHTF has happened - I paid off the balance of the two sofas with some spare income I had. The kitchen loan is rather a lot bigger than that - so am waiting for money I'm expecting to come through - and I'll then pay off the balance of that. So that money is safeguarded (against pretty much whatever might happen) and I've got the use of those things sooner than I otherwise would have by a couple of years and didn't have all the additional problems I would have had trying to get those things whilst a Lockdown is going on. The mere thought of trying to get a new kitchen done during Lockdown would give me grey hairs - if I hadn't already got them!

    It was a "marathon" thing managing to get hold of the darn Barclays Partner Finance that held the two interest-free accounts for my two sofas in order to pay off the balance early - but that's another story - how I managed to get them to answer their darn phone in the end (much waste of time and temper later trying to get them to do so).

    So buying things one needs/particularly wants earlier than otherwise would be the case is one way to deal with this - as long as one's income is secure enough to know it's not at the whim of whether an employer might/might not make you redundant.
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