Made some cash by confronting my hoarding problem - what do I do with it?

Twistedpixel

With all the current anti-money-laundering restrictions with banks, I've run into a bit of a problem.

I used to be a terrible hoarder (like many people with a garage/shed) but this year I decided to deal with it so I (very painfully) sold a bunch of old stuff in my garage and made a little under £5,000. There's no tax liability on this because it was just second-hand things like an old sofa, old TV, some old wood furniture, etc. but my bank, Monzo, seems to only allow £500 every 6 months to be deposited which seems a little ridiculously low.

I'm not expecting to make more cash as I've got rid of everything I don't need but I'm also uncomfortable keeping this cash in the house. That can't be the only option.

Any suggestions of legal ways to get this money into my bank account?

Thanks!

Zanderman

Pay it into a savings or current account with another bank and transfer it by bank transfer.

eskbanker

Twistedpixel said:

sold a bunch of old stuff in my garage and made a little under £5,000. There's no tax liability on this because it was just second-hand things like an old sofa, old TV, some old wood furniture, etc

Do you have anything that demonstrates that this is what you did?  Much will depend on the (unpublished) policies of the institutions concerned and whether or not you wish to deposit it all in one go, but it would be prudent to anticipate some questions if you rock up to a bank with a thick wad of notes and no sort of supporting documentation, even if it's just some adverts, confirmation emails, etc....

fatbelly

Barclays pays 5.12% on up to £5000

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#barclayssavings

grumbler

Zanderman said:

Pay it into a savings or current account with another bank and transfer it by bank transfer.

It's worth possibly clarifying that 'another' bank is the one where  the OP doesn't care about having their account frozen for several weeks.

allegro120

Twistedpixel said:

With all the current anti-money-laundering restrictions with banks, I've run into a bit of a problem.

I used to be a terrible hoarder (like many people with a garage/shed) but this year I decided to deal with it so I (very painfully) sold a bunch of old stuff in my garage and made a little under £5,000. There's no tax liability on this because it was just second-hand things like an old sofa, old TV, some old wood furniture, etc. but my bank, Monzo, seems to only allow £500 every 6 months to be deposited which seems a little ridiculously low.

I'm not expecting to make more cash as I've got rid of everything I don't need but I'm also uncomfortable keeping this cash in the house. That can't be the only option.

Any suggestions of legal ways to get this money into my bank account?

Thanks!

Is your question about cash deposits?  If it is, the best thing to do will be opening a current account with a high street bank, whichever has the closest branch to where you are, and deposit your bank notes there.  If you want some return on your cash you can then open a savings account and transfer your £5k from your new current account there.
 

grumbler

allegro120 said:

Twistedpixel said:

With all the current anti-money-laundering restrictions with banks, I've run into a bit of a problem.

I used to be a terrible hoarder (like many people with a garage/shed) but this year I decided to deal with it so I (very painfully) sold a bunch of old stuff in my garage and made a little under £5,000. There's no tax liability on this because it was just second-hand things like an old sofa, old TV, some old wood furniture, etc. but my bank, Monzo, seems to only allow £500 every 6 months to be deposited which seems a little ridiculously low.

I'm not expecting to make more cash as I've got rid of everything I don't need but I'm also uncomfortable keeping this cash in the house. That can't be the only option.

Any suggestions of legal ways to get this money into my bank account?

Thanks!

Is your question about cash deposits?  If it is, the best thing to do will be opening a current account with a high street bank, whichever has the closest branch to where you are, and deposit your bank notes there.
 

Did you read the post? The OP has an account with some high-street bank, but is worried about the AML paranoia. Bringing £5K cash to a newly opened account is possibly the best way to have this account frozen instantly. Not 100% guaranteed, but very likely.

Shakin_Steve

grumbler said:

allegro120 said:

Twistedpixel said:

With all the current anti-money-laundering restrictions with banks, I've run into a bit of a problem.

I used to be a terrible hoarder (like many people with a garage/shed) but this year I decided to deal with it so I (very painfully) sold a bunch of old stuff in my garage and made a little under £5,000. There's no tax liability on this because it was just second-hand things like an old sofa, old TV, some old wood furniture, etc. but my bank, Monzo, seems to only allow £500 every 6 months to be deposited which seems a little ridiculously low.

I'm not expecting to make more cash as I've got rid of everything I don't need but I'm also uncomfortable keeping this cash in the house. That can't be the only option.

Any suggestions of legal ways to get this money into my bank account?

Thanks!

Is your question about cash deposits?  If it is, the best thing to do will be opening a current account with a high street bank, whichever has the closest branch to where you are, and deposit your bank notes there.
 

Did you read the post? The OP has an account with some high-street bank, but is worried about the AML paranoia. Bringing £5K cash to a newly opened account is possibly the best way to have this account frozen instantly. Not 100% guaranteed, but very likely.

Read the thread before posting? Novel idea but I'm not sure it will catch on.

General_Grant

grumbler said:

allegro120 said:

Twistedpixel said:

With all the current anti-money-laundering restrictions with banks, I've run into a bit of a problem.

I used to be a terrible hoarder (like many people with a garage/shed) but this year I decided to deal with it so I (very painfully) sold a bunch of old stuff in my garage and made a little under £5,000. There's no tax liability on this because it was just second-hand things like an old sofa, old TV, some old wood furniture, etc. but my bank, Monzo, seems to only allow £500 every 6 months to be deposited which seems a little ridiculously low.

I'm not expecting to make more cash as I've got rid of everything I don't need but I'm also uncomfortable keeping this cash in the house. That can't be the only option.

Any suggestions of legal ways to get this money into my bank account?

Thanks!

Is your question about cash deposits?  If it is, the best thing to do will be opening a current account with a high street bank, whichever has the closest branch to where you are, and deposit your bank notes there.
 

Did you read the post? The OP has an account with some high-street bank, but is worried about the AML paranoia. Bringing £5K cash to a newly opened account is possibly the best way to have this account frozen instantly. Not 100% guaranteed, but very likely.

Oh, is Monzo a "high-street bank"?

xylophone

Do you have any bank branch within easy reach? Or a building society?

You could open an account on line and wait for bank card/cheque book/paying in book.

You might then gradually pay in the cash using the machine?

https://www.moneyhelper.org.uk/en/everyday-money/banking/payments-into-your-bank-account#:~:text=You can pay cash and,use for this as well.

And use cash as much as possible when shopping?

lr1277

If there are no banks or building societies nearby, many banks allow you to deposit cash at your Post Office. But I don't know what they are like with AML regulations.

But beware:

Some banks charge for allowing this facility

Not all PO's can take the amount of cash you have, so you may have to make more than one trip.

Some banks allow you to use your debit card at the PO to deposit the cash. Though I am not sure all banks do, but I am not sure about that.

So you don't have to join your nearest branch, if a Post Office is more convenient.

Do your own research on which banks allow deposits at Post Offices.

If googling type and say you are thinking of joining Lloyds bank:

Lloyds Post Office pay in.

When I did this, I got results from both Lloyds and the Post Office.

Look at the Post Office links as they are informative about what type of deposits they handle and what you need to take with you. This webpage should also tell you if they charge for handling this bank's money.

HTH

Edited to add: Actualy probably best to read the pages of both your bank and that of the Post Office to get all the applicable information.