7 figure spread
Discussion
We have recently come into a big lump of money thats sat in one account currently and obviously are a bit nervous about it all in one account, not that bothered on investments currently but more about safeguarding with the governments £85k insurance.
As we understand we have to use unlinked banks to achieve this so spreading across as many of the independent big banks as possible, we also have independent status from each other so could open up different accounts in different names.
Is this the best solution if you dont want to invest?
Tia
As we understand we have to use unlinked banks to achieve this so spreading across as many of the independent big banks as possible, we also have independent status from each other so could open up different accounts in different names.
Is this the best solution if you dont want to invest?
Tia
galtezza said:
We have recently come into a big lump of money thats sat in one account currently and obviously are a bit nervous about it all in one account, not that bothered on investments currently but more about safeguarding with the governments £85k insurance.
As we understand we have to use unlinked banks to achieve this so spreading across as many of the independent big banks as possible, we also have independent status from each other so could open up different accounts in different names.
Is this the best solution if you dont want to invest?
Tia
Remeber, 85k is per person, so if you have joint accounts that's £170k at any one bank.As we understand we have to use unlinked banks to achieve this so spreading across as many of the independent big banks as possible, we also have independent status from each other so could open up different accounts in different names.
Is this the best solution if you dont want to invest?
Tia
As said below, NS&I are backed by treasury, so no upper limit (not 2m as said below). As for the 'haircut', that would be suicidal for the Govt.
Stig said:
As for the 'haircut', that would be suicidal for the Govt.
I'd hope they wouldn't do it.But, it could be spun as a loan etc.
Also, if they want us to spend our money, rather than hoard it....who knows. Just being cautious.
Are there any other examples of a haircut, other than Cyprus?
Stig said:
Remeber, 85k is per person, so if you have joint accounts that's £170k at any one bank.
As said below, NS&I are backed by treasury, so no upper limit (not 2m as said below). As for the 'haircut', that would be suicidal for the Govt.
NS&I accounts have maximum deposit limits. As said below, NS&I are backed by treasury, so no upper limit (not 2m as said below). As for the 'haircut', that would be suicidal for the Govt.
Hang On said:
If the amount in question is at the top end of seven figures it might be worth talking to one of the Swiss cantonal banks. Unlike the national and global players they have unlimited deposit protection. Not sure if you would need to be face to face though to set the accounts up.
Good call. 3 of the 24 are not covered by this though. For the 21 that are, see here:https://www.moneyland.ch/en/cantonal-bank-definiti...
Would also suggest sticking 50k each in Premium Bonds. As others have said National Savings is unlimited protection as backed by Treasury so just comes down to the maximum allowed for each account/product. I'm an IFA by trade and this is what I suggest for client no-risk money to save having lots of individual accounts.
The PB's are worth having if you are intending on sitting on the cash for months rather than weeks as you never know your luck, all wins are tax exempt, and you become eligible for draws on the second 1st of the month after depositing.
The PB's are worth having if you are intending on sitting on the cash for months rather than weeks as you never know your luck, all wins are tax exempt, and you become eligible for draws on the second 1st of the month after depositing.
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