Large cash sum

eskbanker

SouthCoastBoy said:

IMO Interest rates weren't pretty good ten years ago, base rate dipped below 1% in 2009 and has stayed below that since. I know accts may have paid slightly more than that, but definitely IMO not pretty good.https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp

I don't believe that OP was referring to BoE base rate but would have meant interest available on savings - obviously such rates vary widely but according to the sampling conducted at https://www.swanlowpark.co.uk/savings-interest-data, 2.75% was available with easy access throughout 2011 (which is ten years ago).  If you know where that can be achieved today (other than for tiny amounts), I'm sure we're all ears!

grumiofoundation

SouthCoastBoy said:

IMO Interest rates weren't pretty good ten years ago, base rate dipped below 1% in 2009 and has stayed below that since. I know accts may have paid slightly more than that, but definitely IMO not pretty good.https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp

Even if you don't deem say 3%+ 'pretty good' its a) much better than now and b) much, much better than the interest paid by a friends safe.

ColdIron

SouthCoastBoy said:

IMO Interest rates weren't pretty good ten years ago, base rate dipped below 1% in 2009 and has stayed below that since. I know accts may have paid slightly more than that, but definitely IMO not pretty good.https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp

10 years ago my lowest easy access account was with Virgin paying 2.85%, my others were paying 3.00% and 3.01%. My records show I had a 1 year fix with Aldermore and Investec at 3.55% and 3.45%. My First Direct Regular Saver was 8%

etienneg

Sorry if you think I'm being unreasonable (of course, you are always free to ignore what I say), but this does sound suspicious to me. More to the point, the bank may well find it suspicious.

As others have said, you withdrew cash when interest rates were at least reasonable and held the money in a friend's safe at zero interest for ten years. That's not instantly believable to me. OK, we all act irrationally sometimes, but this is well off my scale of what's reasonable with no second thoughts for ten years. There may be more that we have not heard about.

You have not specified the amount, and you say you have spent some on good cash deals in the meantime, but apparently have a substantial amount left - otherwise you could just pay in cash at the supermarket, etc., for the next 18 months. The bank may well take the view that what you did ten years ago doesn't explain why you still have a substantial holding in cash now.

Is what you have now literally just what is left from the original withdrawal? Or have you been selling for cash (as well as buying) in the meantime? If the latter (in anything other than small amounts), this is probably trading and you should have been submitting returns to HMRC. And, of course, the source of the money you now hold is not the withdrawal you made ten years ago but the trading. In this case, do you have records (receipts, etc.) as evidence?

I think there is a lot we have not been told here. I'm not accusing you of acting illegally, but I think you should understand why there are ample grounds for suspicion.

karl54

Thanks I’ve had all the good advice I need now you can stop comments as I won’t get anymore notifications. Thanks all