Do you have any money? Cash in the bank I mean.

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gazman
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Do you have any money? Cash in the bank I mean.

Post by gazman »

As the title asks, do you have any cash in banks or building societies?
I'm asking because the Bank of England is considering charging negative interest on our cash and I was wondering what I/we can do to avoid this if it happens.
Any ideas or suggestions anyone?
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Scotston
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Re: Do you have any money? Cash in the bank I mean.

Post by Scotston »

:nerves:
spend lots of it immediately on trips to expensive restaurants, foreign holidays and voyages on cruise ships!!


:laughitup:
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Anya
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Re: Do you have any money? Cash in the bank I mean.

Post by Anya »

Move most of it to a safe ISA. Keep some in reserve, for emergencies.

I was reading a book by Warren Buffet where he explains his methods. He reckons he invested only in things that we all need, every day.

tuesdays child
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Re: Do you have any money? Cash in the bank I mean.

Post by tuesdays child »

Loads , this Covid lark is saving me a fortune!

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Re: Do you have any money? Cash in the bank I mean.

Post by Scotston »

I too have noticed that there is quite a lot of money at the end of the month instead of vice versa as I can't go out to spend it and I am not an on-line shopper at all.

We are learning to be devotees of not-shopping, it would appear. I can't even go to a food shop let alone a big shop full of things that I didn't know that I didn't really want. This could herald a big change in consumer habits, perhaps.
This will be another nail in he coffin of the traditional High Street.
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Star
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Re: Do you have any money? Cash in the bank I mean.

Post by Star »

No, you can't borrow money in that form, it's called theft.

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Stormy
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Re: Do you have any money? Cash in the bank I mean.

Post by Stormy »

Scotston wrote:
Mon May 18, 2020 11:36 am
:nerves:
spend lots of it immediately on trips to expensive restaurants, foreign holidays and voyages on cruise ships!!


:laughitup:
You can't! I can't even get my caravan out!
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laurie 53
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Re: Do you have any money? Cash in the bank I mean.

Post by laurie 53 »

Do what the banks do.

Lend your money to the poor an vulnerable at exorbitant rates of interest.

gazman
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Re: Do you have any money? Cash in the bank I mean.

Post by gazman »

Thank you for your replies so far.
Spending our savings has become more acceptable as both of us get older and more sensible too since interest rates have been almost nothing for the last 10 years.
But I want to have something in reserve partly because my income is not great, compared to many pensioners with salaried pensions, and also because I like to think I can cope in situations that require an immediate lump sum without necessitating going into debt.
I've considered ISAs but the interest is not impressive if you do not wish to take risks..... the first thing a friend said to me when this coronavirus hit the stock market was "I've lost a LOT, and I mean a lot of money on my ISAs".... and the money is tied up.
Lending money is ok if you want to take high risks.
So apart from wine, women and song there are not many options AFAICS.
Gold and other valuables, other currencies (bitcoin) off-shore banks, and all the usual places.
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Stormy
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Re: Do you have any money? Cash in the bank I mean.

Post by Stormy »

Money in many ISAs will bounce back. Some of mine have actually not suffered. One of the best things I bought was gold. It went up spectacularly to c1900 dollars an ounce, then crashed to below 1300. When it was down, I bought more. It's now 1750 and they reckon still some way to go. The other thing I've got that's doing OK is investing in whisky.
Now is an excellent time to invest in an ISA, it's just hoping that you select one which will surge, when this crisis is history.
Protestors are much more violently opposed to fur than they are to leather. Why? Because it's much easier to hassle rich women than bikers.

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Re: Do you have any money? Cash in the bank I mean.

Post by laurie 53 »

Be careful if you get above certain levels.

It you go into care, which can happen to anybody, Social Care will take a large proportion of it.

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Stormy
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Re: Do you have any money? Cash in the bank I mean.

Post by Stormy »

Have to spend it before that happens, or hopefully doesn't happen. Trouble is, there are all kinds of things I'd like to spend it on but most are stymied by this blasted virus!
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Re: Do you have any money? Cash in the bank I mean.

Post by Skyrunner »

Not that I've got much to invest, but I wish I knew a bit more about gold. I know it's price can go up and down, but it's never going to crash out altogether, is it? It'll always recover its value.

The best thing I ever did was buy my house when I had the chance. Yes, paying a mortgage was hard, but it's all paid up now, and it's value has risen.
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Re: Do you have any money? Cash in the bank I mean.

Post by laurie 53 »

Have to spend it before that happens,

Long before.

I remember my wife's social worker telling us that the local council will go back a year or more looking for dubious transactions.

My house is in a solicitors' trust until I die, when they will pass it to my son. Even if I go into care it remains in the trust.

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Stormy
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Re: Do you have any money? Cash in the bank I mean.

Post by Stormy »

What do you mean by dubious transactions? Also are your banking transactions confidential or do Councils have the power to breach that confidentiality? I know the police can, when they have good reason.
Protestors are much more violently opposed to fur than they are to leather. Why? Because it's much easier to hassle rich women than bikers.

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Re: Do you have any money? Cash in the bank I mean.

Post by Scotston »

Stormy wrote:
Wed May 20, 2020 8:28 am
What do you mean by dubious transactions? Also are your banking transactions confidential or do Councils have the power to breach that confidentiality? I know the police can, when they have good reason.
I think that this could refer to transfer of property or assets to family or others done to avoid being charged for social care. Similarly, HMRC rules have a 7 year rule applied to disposal of assets to avoid inheritance tax. We have to give our house and things to our family well in advance of illness or death. Date of birth? Easy! Future date of death? Tricky question!

:shock: It means weighing up trust in your family who would then own the house etc. against dislike of the taxman!

It can be tricky with a sudden death of your child, for example, leaving the house to a spouse who then decides to do something different from that agreed e.g. sell your house or to leave the house etc. to children from a first marriage and cutting off from your assets your own children and grandchildren. Second and third marriages and children from random partners i.e. modern families create problems when prosperity and wealth have arrived.
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Re: Do you have any money? Cash in the bank I mean.

Post by laurie 53 »

Thank you Scotstoun.

Exactly what i meant.

If they decide any asset was transferred with the sole object of avoiding it being used to pay for care they will try to claw it back, succeeding more often than not.

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Re: Do you have any money? Cash in the bank I mean.

Post by Stormy »

I'm still with my first wife, after 53 years, so not too much of a problem for me.
Protestors are much more violently opposed to fur than they are to leather. Why? Because it's much easier to hassle rich women than bikers.

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Re: Do you have any money? Cash in the bank I mean.

Post by laurie 53 »

Unless she goes first, of course, or you both need care.

Also, if you go first they can bring an awful lot of pressure to bear on a newly widowed lady for a move into sheltered accommodation.

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Re: Do you have any money? Cash in the bank I mean.

Post by gazman »

Scotston wrote:
Wed May 20, 2020 12:34 pm
Stormy wrote:
Wed May 20, 2020 8:28 am
What do you mean by dubious transactions? Also are your banking transactions confidential or do Councils have the power to breach that confidentiality? I know the police can, when they have good reason.
I think that this could refer to transfer of property or assets to family or others done to avoid being charged for social care. Similarly, HMRC rules have a 7 year rule applied to disposal of assets to avoid inheritance tax. We have to give our house and things to our family well in advance of illness or death. Date of birth? Easy! Future date of death? Tricky question!

:shock: It means weighing up trust in your family who would then own the house etc. against dislike of the taxman!

It can be tricky with a sudden death of your child, for example, leaving the house to a spouse who then decides to do something different from that agreed e.g. sell your house or to leave the house etc. to children from a first marriage and cutting off from your assets your own children and grandchildren. Second and third marriages and children from random partners i.e. modern families create problems when prosperity and wealth have arrived.
You make some very valid points.
TBH myself and my wife have great difficulty coming to any decision as to who will inherit our property.
The adopted children we had have behaved in such a way neither of them deserve to get anything.
My wife's family doesn't deserve to get anything either and my only sister has so much money it would be a mere drop in the ocean to her.
"Europeanism is nothing but imperialism with an inferiority complex." Denis Healey

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Re: Do you have any money? Cash in the bank I mean.

Post by logicalN »

Assuming that you will provide for each other with mirror image wills , why not look for one or more smallish well run charities as ultimate recipients ? Our solicitor asked us to do this in case the worst happened and all four of us went within the 30 day survival provision. Easy for us as my cousin and her husband started a respite charity in memory of their infant sons
I'm no legal expert but it might be wise to lodge a document with the wills stating the reasons for no other bequests

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Re: Do you have any money? Cash in the bank I mean.

Post by laurie 53 »

If you've not got anyone to leave it to, cash in the equity and take a cruise, First class!

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Re: Do you have any money? Cash in the bank I mean.

Post by gazman »

logicalN wrote:
Sat May 23, 2020 3:37 pm
Assuming that you will provide for each other with mirror image wills , why not look for one or more smallish well run charities as ultimate recipients ? Our solicitor asked us to do this in case the worst happened and all four of us went within the 30 day survival provision. Easy for us as my cousin and her husband started a respite charity in memory of their infant sons
I'm no legal expert but it might be wise to lodge a document with the wills stating the reasons for no other bequests
Yes, I take your point.
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Re: Do you have any money? Cash in the bank I mean.

Post by Anya »

<< ... a cruise, First class! >>

Carry yer bags, sir?

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Re: Do you have any money? Cash in the bank I mean.

Post by Scotston »

:wink3:
One way to keep money out of the hands of the taxpeople on your death is to leave it to a political party e.g the Labour Party. :laughitup: :laughitup:

They count as a charity for the tax concession re Iinheritance Tax.
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