Cash Deposits

HarryBall

Hi all, I’m just wondering, is it a problem if I use a bank account just for cash deposits, depositing about say £500-£600 a month regularly? Just that I want to use it solely as a saving account. Might seem a daft question, apologies if so, I don’t see why it should be a problem myself but I don’t know how banks work....thanks in advance 🙂 

[Deleted User]

Depositing lots of cash, irregular amounts and times is likely to flag all sorts of warnings about money laundering etc, I'd talk to the bank first

callum9999

Deleted_User said:

Depositing lots of cash, irregular amounts and times is likely to flag all sorts of warnings about money laundering etc, I'd talk to the bank first

Is any customer facing person at the bank going to understand the money laundering mechanisms to that degree? And even if they did, is a bank going to discuss how to model your behaviour to avoid them?

While I agree a bank is likely to question the source of regular cash deposits, I'm not sure a bank would typically begin money laundering investigations against someone paying in £500 a month to build savings. When I've paid in large amounts previously I've been asked the source and purpose of the money - presumably that's recorded and influences whatever system instigates these investigations?

colsten

Why does it have to be cash deposits? Why can you not do it with bank transfers? What is the source of the money?

xylophone

Why not a savings account combined with a bank account?
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

[Deleted User]

They are unlikely to bat an eyelid

PRAISETHESUN

As long as you document the source of the funds and have it available to give to the bank if you're ever asked for it then I don't really see an issue. Sure it might trigger AML flags but there's not much talking to the bank staff beforehand will do about that anyway.

born_again

Seem to be getting a few of these question of late..

HarryBall

Thanks all. Yeah I’m not worried about anything really, because it’s fully legit and even if I was asked for proof that the money came from a genuine source I can do it no problem, but I’d just prefer not to be asked really, as I don’t know how it works and whether it would be alot of hassle or not proving it. Thanks

MarkFromCornwall

HarryBall said:

Hi all, I’m just wondering, is it a problem if I use a bank account just for cash deposits, depositing about say £500-£600 a month regularly? Just that I want to use it solely as a saving account.  🙂 

If the money comes from your business and you are paying it into a personal account you may be asked to open a business account.

General_Grant

What do you mean by a "bank account"?  If you want to save, open a savings account (with a bank or building society).