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This is going to be a real problem for me as I pay my weekly income into my bank account, in cash every week at the post office. So when my limit is reached, I will be forced to drive to my nearest branch, which is a 1 hour round trip. Oh, but that branch is closed on mondays (my only day off),so the next closest is 2hr round trip.
The only time I was asked what the money is going to be used for is when I was withdrawing some cash - I just told them it was to buy a car, nosy git! Save £12k in 2019 #154 - £14,826.60/£12k Save £12k in 2020 #128 - £4,155.62/£10k
BUT there is a cash deposit limit of £20k per year, this cannot be changed. The value of the cash limit can vary but we cannot find an explanation for why it is there. I have a personal Starling account and I phone them and my limit is £5k, the phone person could not explain why it is there.
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If you deposit the cash in dribs and drabs, the bank’s transaction monitoring software will likely pick it up which could trigger a risk assessment of your account. There are many posts on this forum of accounts that have been blocked due to them being uncomfortable as to the source of funds of one or more deposits.
Some organisations will accept a counter deposit with just the cash and a card with the account details on. Agree with the other posters - that amount of cash is better handed straight to a cashier. Gwlad heb iaith, gwlad heb galon
Thanks Archi, maybe i should just keep the cash in person instead then, that would be much better for me all round. Then there is no problems. Bloody awful state of affairs when the people you want to save with will share your data. since when does my hooby become taxable at 20% - i will keep the cash myself and forget these banks.
The owner was actually very pleased with the coins. He asked if I minded him changing some up to notes first from the shop till. Apparently they get charged to deposit notes and withdraw coins from the bank, so this was actually useful for him. He then paid in the notes and rest of the coins at the Post Office till. In and out in about 90 seconds.
Their daily cash withdrawal limit applies to ATMs and the Post Office counter. You can bypass this by using their internal banking machines (more functional than ATMs) or an actual human cashier. Unfortunately Barclays keep closing all our local branches so not an option
The cash ISA has full FSCS protection up to £85,000, however as Trading 212 isn’t a bank, it works slightly differently. When you deposit money, the funds are held in a ‘client money account’, separate from Trading 212’s own money.