What To Do With Cash

[Biccylova]

An elderly man has confided in me that he has saved "a bit of money" in his house as he "don't trust them banks" he also has some money with the Prudential that his wife left, I suggested that the money he has in the house would be best in the Pru as well, but, without a bank account how could the money be transferred?

[woofgang]

does the Pru not have branches any more?

[CrapAtCryptics]

https://www.pru.co.uk/careers-at-pru/our-locations/

[Fibonacci]

Contact details for the Prudential
https://www.pru.co.uk

[alavahalf]

It's somerhing I used to find quite a lot .. the only thing was the Police had usually asked me to attend and improve security after the cash had been stolen in a distraction burglary.
Older people often had a good few thousand in a handbag that was in a travel bag that was inside a suitcase that was in a wardrobe.
One thing I will point out is that the same old story usually followed ...

Prior to the burglary, they had confided in someone and they were the only person that knew about it .. the next thing, lo and behold, there was a burglary.
You need to tell him if he keeps the cash in the house, you can no longer be a friend and visit him.
It happened to me, wherby a regular customer suddenly showed me jewellry worth 10's of thousands she kept at home. She said that a carer had possibly stolen from her. Straight away I thought that "I am a regular visitor to her house" and if the carer stole then perhaps I could easily be under suspicion. I told the customer that unless she put the jewellry in a safety deposit box I wouldn't come back. I also told my employers and wrote a report about the incident.

[Hymie]

Before my late mother completely lost her marbles, she took to keeping large amounts of cash in her home – with carers visiting regularly.

I solved this problem by installing a security safe costing less than £50; one which displayed the security code as she entered it – making it easy to operate.

[237SJ]

If I were him, I would put the money in an NS&I account. It`s owed an guaranteed by the Government.

[Maydup]

As a member of the older generation, do you think he might trust the Post Office with his money? If he were to put it there he could have easy access whenever he needs it, and transfer some of it on to the Pru.

http://www.postoffice.co.uk/savings-accounts

[Jennykenny]

I know they don't pay out a guaranteed win but what about Premium Bonds?
They can easily be cashed in if needed, and they are very safe.

[Old_Geezer]

If he doesn't trust banks I can see him trusting neither the government nor the Pru also. A fire & waterproof safe would be useful, but it does mean you miss out on the laughable pittance of interest they are offering these days as they borrow money to profit themselves from. Maybe there's mileage in buying something like, for example, gold sovereigns/small ingots, and putting that in the safe instead ?

[Biccylova]

Thanks for all your really useful answers, I almost convinced him today that he could open a post office savings account, since he gets his pension from there anyway and he feels he knows the staff at his branch, I'm just worried now how he will get it there, he has a carer take him to the shop and PO I can picture him hobbling in with an old biscuit tin full of cash.