How much cash can I deposit??

[BigBrand]

I've been putting into my bank some cash the end of every month, first few times I was fine, recently they've started asking about the money (just over the counter generally, nothing intense)

Am I hitting any limits for tax issues on cash or what?

[flukesy]

Why not open yourself a cash ISA.
Most high street (and ISA's in general) are poor at the moment, but you could look at Hargreaves Lansdown for a decent rate.
The are more than likely asking because they want to sell you their savings account.

[SiE]

Premium bonds are easy to buy and cash in

[super mike]

They have to ask things like this with large amounts, or when they see you drip feeding cash like this into an account, for money laundering purposes. If they think you're billy bullshitting with your answers and you've been a naughty boy they'll report you to SOCA and they'll look into it. You don't have anything to worry about if it's all chicken soup, which 99.9% of the time it is (or so insignificant it's not worth looking into).

You're well within your rights to tell them to go forth but you will be opening yourself up for hassle so there isn't any point.

[Geko]

Their main concern is because they want to get you to invest it or open another account. They get bonuses based on the number of accounts they open.

[maltloaf]

I've got a similar problem at the moment, trying to pay my missus' savings from the year (all in cash) into my account. It's due to money laundering laws.

[BigBrand]

Thanks for the advice guys.

Won quiet a few high value poker games at my local this year, and also I've done quite well buying and selling motors this year so have a lot of cash. Was trying to avoid the over £10k in one go, so been dropping in £3-£5k a month towards the end of every month.

Been OK for 9 months or so but the last two months the women have been asking a few Q's into the cash. I've told em nought everytime and laughed it off. But as it's an irregular pattern, don't fancy IR sniffing about asking me to prove the source, as I can't.

If I stick it in ISAs or Premium Bonds, when I cash them back out at a later date, will anyone be asking questions?

[JonEp]

I've got a similar problem at the moment, trying to pay my missus' savings from the year (all in cash) into my account. It's due to money laundering laws.

No problem just pay it into my account malty lol

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[Little John]

Those sums of money will always get the question, £1600 was the lowest I have been questioned about. I did reply I had come out on top in a drug deal once the woman said you cant say that LOL

[BigBrand]

Hmm, that's my thought. Whats the worst that could happen? They ask me where it's from, I say poker and betting and they say pay ££ tax or something?

[super mike]

It wouldn't be IR (now HMRC) sniffing about, it would be SOCA (Serious Organised Crime Agency). As long as the money is legit and hasn't been washed you're fine to say poker etc.

[BigBrand]

Ok buddy nice one. It's not money laundering as the cash is clear, just from lock ins at pubs and sold a couple of cars inherited.