runaway fund and new notes

[gurneyhalleck]

I am wondering how to convert my runaway fund from old twenties to new twenties discreetly in this time of Corona.

I have been skimming my daily spends for years, saving 20-30 pounds a week from my daily lunch/coffee work money. This I have been keeping as physical cash tucked away and it's a sizable sum.

After years, I feel restless in my marriage. I am considering cutting the cord once the children hit adulthood in a couple of years. Much of my stash is in old twenties. How can I get these converted in one go without having to leave details, or cldo I have to do it piecemeal? My problem there is I am currently not in the office, so normally where I could have stopped by on my way in to do it, I don't have that regularity at the moment. Any ideas? Obviously I would like to keep it out of any accounts or anything that leaves an electronic trail

It doesn't sound like she is in abusive marriage though. It doesn't sound like her husband is financial controlling.

@tttigress I agree but a few posters have said that there’s a lack of empathy and that she wouldn’t be asking unless unless there was an abusive relationship.

Just to add to my previous post - regarding people saying turning up with a large wad of expired notes at a bank arouses suspicion - When I went to the Bank of England there was a form to fill in but nothing asking ''where did you get this money from?'' and there was a queue of people changing wads of money - no problems.

You are allowed to have separate savings accounts you know? Without physical statements etc?

I understand keeping a separate fund but as cash just seems strange in this day and age.

@tara66

Just to add to my previous post - regarding people saying turning up with a large wad of expired notes at a bank arouses suspicion - When I went to the Bank of England there was a form to fill in but nothing asking ''where did you get this money from?'' and there was a queue of people changing wads of money - no problems.

You don't say how much you were changing. Anymore than £5,000 is going to immediately put up a red flag and need explanation. And possibly less than that too.

There's an assumption the OP has the appearance of someone who doesn't raise suspicion Whereas the reality is they might be reported for just £50 if they look "dodgy".

Incidentally, one of the reasons the BoE updates its notes designs and withdraws old notes is precisely to make illegal stashes useless, or to force the holders to risk being identified.

MY Grandad has been hiding 50k in his attic and apparently, he can exchange £250 a time max at the bank if he wants to avoid putting it in his account.

@Teacher12345

MY Grandad has been hiding 50k in his attic and apparently, he can exchange £250 a time max at the bank if he wants to avoid putting it in his account.

Quite aside from hoping there's never a fire, or burglars, his next worry would be a misplaced police raid and having his stash confiscated for good.

@Teacher12345 do you know why? Is it because you have to pay tax on savings or does he not trust the bank? I remember my gran always saying the banks can go bankrupt and you can lose all your money.

He doesn’t trust the bank is his main excuse. He knows all the pitfalls of having the money there and my mum is trying to get rid of it by doing his house up and a few investments.

He sounds like my gran, I wonder if it used to be common for banks to keep your money when they were younger.

Ignore the negativity on here OP. I would do exactly the same in your position, in fact I intend to.
With regards to your actual question, I would visit different backs with day 500 quid a time to get changed over a period of a few weeks. I don't think it's been announced when the old notes won't be accepted. I've still got quite a few.
Good luck when you finally break free and enjoy your hard earned cash

Need to comment again. Can I ask people why you think you need to put your money in accounts and savings accounts? They now offer 0% interest. It is basically pointless. If the bank goes bust they take your money with them. Sometimes it's quite difficult just to be able to access your own cash!! I applaud what the op is doing and I think more people should use cash day to day. The government are trying to push us towards a cashless society which is very wrong!

@Frazzled193736 some ISAs have decent interest rates.
It is more likely you have a fire or someone steals your cash rather than the bank going bankrupt.

I do agree of course you can't keep your entire life savings at home, but a few thousand I can't see a problem with

Just every time you can reasonably pay cash for something, spend one of the old-style 20s. Simple.

On the subject of banks going bust- as long as your bank is regulated by the FSCS then your money will be protected up to £85,000

Yes you could draw money out at the cashpoint, pay for stuff with the old cash and replace that with the new cash.

Just start taking the usual weekly spend once a month from an account local to you. This is your "monthly incidentals" in place of your "weekly incidentals" when working at the office. Withdraw it on the first day after payday to "keep in your purse for the month ahead".

Swap it immediately with the old notes. Spend the old notes. If you get to the end of each month with old notes left, swap them for vouchers for asda/Tesco where ever and then use the vouchers for your incidentals while still withdrawing the New notes.

sunrise234 I didn’t say the marriage must be abusive. I said something must be wrong in the marriage to make her restless. There are lots of variables between happy and abusive that could make somebody unhappy enough to plan to leave.

@Totallycluelessoverhere I don’t think my comment was aimed at you.
And yes I 100% agree I just don’t understand why if you’re unhappy for whatever reason you don’t leave? I get when people on here are scared to leave or literally have no money but there doesn’t seem to be anything stopping the OP.

sunrise you quoted me so I assumed Your post was aimed at me and others with similar views.
There could be lots of things stopping the OP.
If she doesn’t earn enough to secure a private rental property without top ups from universal credit a lot of landlords won’t rent to her. Her only way of getting a tenancy in these situations might be to provide Several months rent in advance.
If you can’t find somewhere to live then that is a very obvious reason why some people are forced to stay in unhappy situations for many years.
And there is an assumption that the OP will be financially okay because she will get her share in a divorce but what is her share of? We don’t know if they have a property with equity or any other assets. Even if she has equity split to come it won’t arrive the moment she leaves, she still needs to survive until then and she might need every penny of any share of equity to get herself started on the property ladder again (if able to).

I recently found a forgotten stash of £10 notes. Post Office wouldn't take or change them but said bank of England would exchange. It seems from the online information at Bank of England that they can be exchanged in person or via post, although they don't except responsibility for losses via post. If your notes are still currently in circulation you should start swapping them out for new ones and spend old ones.

@AJGranny we recently changed a lot of very very old £10 at our bank. They allowed us to pay them into our account so maybe try that if you've not gone down the BOE route yet.

@AJGranny your own bank should let you pay them in or exchange them for you

OP

I had a bank account registered to my GP Surgery (I was a teenager though, I have not tried this as an adult).

Also, a safety deposit box may work?