30k in cash

[Jellycatjo]

My mum has been saving cash for years and I found 30k in cash , she’s in a pickle in what she should do with this as I don’t think can pay into a bank that large amount? Without questions being asked ? She is old fashioned and a hoarder. Cash is king etc
Im unsure what to advise I have told her to stop drawing out cash but she’s adamant the government are trying to monitor every person etc . What can I do to help advise her I’ve bought her a house safe for now so it’s at least protected more than stashed in the house

Have you checked all the notes are still legal tender?

A house safe is a good idea. Does she have any savings still in a bank account?

If you can get her to agree to pay in at least a significant chunk (ideally all!) of it to her bank account that'd be a start. They will need to ask questions for anti money laundering. Can she go and have an appointment with her bank to discuss it and get some reassurance from them? They could also maybe reassure her about how such funds are not controlled or monitored by government?

I’ve checked and it is all legal tender she has some in the bank but no where near this amount. It is in a safe now ( in the house still ) but unsure what to advise next

Well if questions are asked you just explain? Banks will be used to this with older people.

Agree.
My mother had a similar situation with her DM a number of years ago.
She made an appointment at her DM’s bank and marched my grandmother and the money along! All sorted

You can buy gold with cash, capital gains free if you buy sovereigns, this can also include safe storage and is a better hedge against inflation

Presumably she’s not on Pension Credit? Just take it to bank and pay it in. They will have seen it before.

just see if she will pay it in, the bank will have questions but it is a common scenario.

you should also check about her home insurance as they will often only cover a certain amount

She is refusing to put it in the bank due to her thoughts about the government monitoring. What else can I do or should I keep out of it now I’ve bought her a safe.

It's not illegal to have cash. It's her money and her choice what she does with it. You don't need to do anything.

Let her keep it in her safe. People trying to force people to use banks are part of the reason older people hide money from friends and family in the first place. It's not yours to control. It's hers and she can do what she sees fit with it. I think you did a nice thing to buy the house safe.

Are her concerns slightly valid in that she thinks she will lose benefits or accrue too much interest and owe tax on it? Where is the cash from. If it’s from earnings she will be able to show the withdrawals. She’ll be losing several % of its value every year through inflation.

It would be earning £112 per month in a savings account

what does she think the government would monitor her for?

Can she transfer it into premium bonds once banked or is she just as suspicious of them? I’m not quite sure what she’s so suspicious of so forgive me if that’s a crap idea.

What exactly is she concerned about in terms of ‘the government monitoring’?

The safe is a good start and, while she's obviously being ridiculous, its her choice to keep her money in cash.

Does she understand that if she's burgled or has a serious house fire she could still lose the lot? She could also be a target for muggers if she's seen withdrawing large amounts of cash.

Also that she's losing interest and potential investment growth?

Plus, if she claims income related benefits like pension credit, she's opening herself up an investigation if her activities are flagged as suspicious.

Could you open a bank account in your name and put it in there? Or premiums bonds?

You might have to fill in a source of funds form, but as it's under 50k, probably not. As far as the bank is concerned it's not a lot of money. Personally I'd put 20K in an ISA and 10K in Premium Bonds.

Do you have any other concerns over her mental capacity?

Otherwise, leave her to it. It's stupid since she could be earning interest on it or have invested in. A stocks and shares tracker ISA would have risen sharply over the past few years.

Plus it's ridiculous since I doubt she is interesting enough for the government to bother looking at her.

But people are allowed to be silly. So leave it in her safe unless you have wider concerns about her mental capabilities, in which case talk to her GP and start the process of getting financial power of attorney.

If you can persuade, the bank won't be too bothered though. There would need to be some paperwork completed but it's not illegal to have cash and want to pay it in! They will just want to know the source of funds and that she isn't being used as cuckoo by money launderers (that she isn't being taken advantage of etc).

F

30k could earn her approximately £1200 a year. £100 a month.

just saying

Is there a local building society that she might have more trust in?

Surely the answer is a mix of things - some local building society, some in her bank account, a chunk in premium bonds?