Banking cash without paying charges?

[smele]

Hi guys,

Does anyone know of a good way to bank cash without paying charges? At the moment I am using the A&L via the post office, but I am only getting £4K month limit. It's OK at the moment, but I am looking soon to be banking a lot more and I would rather not be paying charges if I can help it.

Cheers,
smele.

[jamoor]

Bank it into a personal accounta nd transfer?

Make sure you have nothing to hide though!

[smele]

jamoor said:

Bank it into a personal accounta nd transfer?

Make sure you have nothing to hide though!

This has crossed my mind, but how long can you get away with banking £50k a month into a personal account before they ask you to stop? Don't know what my accountant will think of this either.

smele.

[Tyre Smoke]

We do this - personal to buisiness transfer. My accountant thinks it's very clever and can't understand why no one else has done it. My bank - Natwest, know about it but my business manager stuck her fingers in her ears and pretended not to be listening when I told her. It's not something we can stop because it's not illegal, but we strongly discourage it - is the official line.

[Jasper Gilder]

No charges to pay into the Sock Under the Mattress Bank. Not owned by the Government and unlikely ( unless you are monumentally stupid, incompetent, addicted to losing bets etc) to have to write off £8 billion

[jamoor]

Jasper Gilder said:

No charges to pay into the Sock Under the Mattress Bank. Not owned by the Government and unlikely ( unless you are monumentally stupid, incompetent, addicted to losing bets etc) to have to write off £8 billion

Do many big business run a cash operation?

[smele]

Think I will try the personal bank account and see how long I can get away with it.

[skwdenyer]

smele said:

Hi guys,

Does anyone know of a good way to bank cash without paying charges? At the moment I am using the A&L via the post office, but I am only getting £4K month limit. It's OK at the moment, but I am looking soon to be banking a lot more and I would rather not be paying charges if I can help it.

Cheers,
smele.

Co-Op will give you a £4k free limit, so you could simply open multiple accounts to give yourself multiple limits. This has the advantage that you're not always walking to the same place with large amounts of cash.

Incidentally, it is well worth investigating cash-in-transit insurance for these high numbers. It does exist, and doesn't have to be too onerous.

That said, if you're banking £50k a month, it is still only going to cost you £200 or so a month in deposit fees, which doesn't seem too harsh