Secure bank account for receiving will

[75Black]

Hi all, bit of background to my query, I'm due to receive a large lump sum as outlined in a will written by my godmother before she passed last year. Now this will be paid into my normal account which is a standard Santander 123 account, however when I receive this lump sum, along with the current balance already in my account this will just about put it into 6 figures. I'd rather not keep such a sum in a normal account, is there any type of secure accounts I can deposit this into? Or even somewhere which will give me interest of the entire amount?

[SS2.]

In terms of compensation should the institution go pop, FSCS protects an account for up to £85,000, double if the account is in joint names.

If you're worried about the account being hacked, make sure whichever one you opt for has two-factor authentication.

[rev-erend]

You need to spread it around several accounts.

[75Black]

SS2. said:

In terms of compensation should the institution go pop, FSCS protects an account for up to £85,000, double if the account is in joint names.

If you're worried about the account being hacked, make sure whichever one you opt for has two-factor authentication.

I see, so it wouldn't make a difference if I keep it in a standard bank account and obviously make sure internet bank etc is all secure?

rev-erend said:

You need to spread it around several accounts.

That is an option I've looked at. I just wanted to double check as i'm not sure if the rules are any different for accounts with large amounts in them.

[rfisher]

Santander are unlikely to go bust.

When you make the transfer, do it live while on the phone to Santander.

If you don't let them know in advance that there's a dollop o' dosh heading into your account, they may get excited in terms of fraud and / or money laundering.

[valiant]

NS&I.

Either direct saver or income bonds. Highest interest for an instant(ish) access account (but still laughable really) and government backed so fully protected.

[eliot]

FSCS protects against temporally high balances:
https://www.fscs.org.uk/how-we-work/temporary-high...

Having said that, when as an executor when i received the proceeds from my late mum's house i was sure to get it distributed quickly to the beneficiaries

[deggles]

I wouldn't be comfortable keeping a such a large amount in a current account. Whilst unlikely, anything with a debit card or direct debit capability is at higher risk of fraud. I'd stick it in National Savings and Investments income bonds at least until you decide what to do with it. One of the best interest rates around, instant access and 100% backed by the Treasury so no need to worry about FSCS 85k limit.
https://www.nsandi.com/income-bonds

[valiant]

rfisher said:

Santander are unlikely to go bust.

When you make the transfer, do it live while on the phone to Santander.

If you don't let them know in advance that there's a dollop o' dosh heading into your account, they may get excited in terms of fraud and / or money laundering.

Wouldn’t really worry about phoning them.

I was an executor for a will and high six figures landed in my account without warning them for me to disperse - Santander didn’t bat an eyelid but the withdrawals were over their internet transfer limit and also their faster payment limit so I had to go in to do a CHAPS payment. They did ask a few anti-laundering questions but it was a simply going through the motions type affair (I had to provide additional ID though - driver’s licence sufficed).

They did lock my account when I was dispersing a lot of smaller amounts to beneficiaries as it was contra to my normal behaviour but was easily resolved by a phone call.

So Op, don’t bother calling them before it lands but call them if you’re dispersing a lot of individual payments.

[75Black]

Thank you for the advice all, particularly about letting Santander know. I don't want to have any issues with it coming in as the executor will be the one paying it in to my account, and I will definitely take a look at NS&I as it seems to be what I'm looking for.

[timbo999]

My only small warning on the NSI account is that the interest is paid into your nominated account so isn't automatically compounded (i.e. you don't get interest on your interest...). You can pay it back in every month but the minimum payment in is £500 so you need around £500k in it to make that work. May not be an issue for you - it isn't for me.