What to do with a large amount of cash?
Discussion
Of course, this is a hypothetical question....
A recently widowed elderly woman has £20k in cash secreted in her house. Totally legit, her late husband didn't trust banks. She doesn't want to have the cash lying around now that he has passed away.
What's the best way to get the money into the banking system without falling foul of money laundering rules, and maximising interest?
As I said, the money is totally legit, accumulated over the last few years. Husband told her to withdraw all their pension money (state and company) each week, and what she didn't spend in Tesco got put into a tin.
My thoughts are to open several interest-paying current accounts, Nationwide, Lloyd's, etc.
A recently widowed elderly woman has £20k in cash secreted in her house. Totally legit, her late husband didn't trust banks. She doesn't want to have the cash lying around now that he has passed away.
What's the best way to get the money into the banking system without falling foul of money laundering rules, and maximising interest?
As I said, the money is totally legit, accumulated over the last few years. Husband told her to withdraw all their pension money (state and company) each week, and what she didn't spend in Tesco got put into a tin.
My thoughts are to open several interest-paying current accounts, Nationwide, Lloyd's, etc.
I would just pick your branch TBH. Either use your own bank where you are known, speak to manager before hand and just advise you are bringing it in on a set day - probably do it on a day he or she is there.
Or if you don't bank often try and use a larger branch that will have people around if needed and also they will be more used to handling such sums. My own personal account is at a small local branch and they gasp at £200 cash let alone £20k. My business bank is a much larger branch and £20k would be a daily transaction for them. I have seen people paying in 3-4 times that no questions asked.
Just don't blab about it - keep it QT and don't discuss in the bank in ear shot of others!! You never know who knows who!
Or if you don't bank often try and use a larger branch that will have people around if needed and also they will be more used to handling such sums. My own personal account is at a small local branch and they gasp at £200 cash let alone £20k. My business bank is a much larger branch and £20k would be a daily transaction for them. I have seen people paying in 3-4 times that no questions asked.
Just don't blab about it - keep it QT and don't discuss in the bank in ear shot of others!! You never know who knows who!
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