Paying in a large cheque...

[scooterscot]

On a serious note you will get asked where the money has come from,

I got asked this by the mortgage company when paying off lump a year ago or so. Felt like a criminal. I says you're not wrong, I'm a contractor.

[ChimpMaster]

Pay off your mortgage or buy another property. The ROI will be good and you'll probably get better capital growth in the long term, but that's not even the main reason now: cash in the bank is at risk if above £75k, but if invested in hard assets then at least you'll still have those (even if they lose some value) when the banking system implodes.

[d000hg]

On a serious note you will get asked where the money has come from, I can't remember what the limit is for anti-money laundering rules but I had the questions asked when I put in £20k.

Is the money coming from a solicitor, can they not do a bank transfer on your behalf?

They can for a fee. Tiny relatively but I object. The cheque is drawn on the solicitor's account and I can/will take the letter they sent with it - never considered that so thanks

[NotAllThere]

On a serious note you will get asked where the money has come from, I can't remember what the limit is for anti-money laundering rules but I had the questions asked when I put in £20k.

It's 10K.

I paid £26K in cash into a bank a few years ago. That did entail moving to a more discrete area of the bank. Didn't get tea though.

[Wilmslow]

They can for a fee. Tiny relatively but I object. The cheque is drawn on the solicitor's account and I can/will take the letter they sent with it - never considered that so thanks

You may well find that the additional interest from getting it immediately transferred over negates the fee - something like £18 for the TT if I recall.

[scooterscot]

Get yourself a BTL in Leipzig, you could probably buy a nice apartment for that. The area is becoming what Berlin used to be.

[NotAllThere]

The reason doesn't have to be complicated and doesn't require proof. I've used variously "Repayment of loan from family" (that was the 26K), "share dealing", "car sale". You could simply say "inheritance".

If you change your mind and want to keep it for five or more years, buy a spread of shares. Safer than banking it.

[MrMarkyMark]

The reason doesn't have to be complicated and doesn't require proof. I've used variously "Repayment of loan from family" (that was the 26K), "share dealing", "car sale". You could simply say "inheritance".

If you change your mind and want to keep it for five or more years, buy a spread of shares. Safer than banking it.

Don't say it was from selling a large consignment of coke, unless its an HSBC account that is

[GJABS]

I wouldn't trust the government to repay the £75K in the event of a systemic banking collapse - they'll drag it out for ages, then inflate away most of its value.

Ask yourself what would your late grandfather have wanted you to do with the money? If it was mine he'd have said blow it on beer and hookers, but he was never a very responsible guy.

If you are looking to use it to help buy a property in a few months time, as indicated, then put it into an instant access savings account with your normal bank. Don't keep it in your current account, as it makes it more vulnerable to somebody cloning your debit card and stealing it.

[SimonMac]

For those harping on about the FSCS, remember this is an EU led initiative so no guarantee that it will continue post Brexit