Safe place to deposit £1m for interest
Discussion
https://www.fscs.org.uk/making-a-claim/claims-proc...
Not sure if you are aware but you don’t have to spread it if it’s from a house sale unless you don’t need it for years.
I did the same in Jan and put it all in nationwide in the end. Instant access, as I have needed 20% of it and 3% interest which I have been happy with.
I have 400k in this and didn’t spread it. I spoke to fscs for piece of mind.
Not sure if you are aware but you don’t have to spread it if it’s from a house sale unless you don’t need it for years.
I did the same in Jan and put it all in nationwide in the end. Instant access, as I have needed 20% of it and 3% interest which I have been happy with.
I have 400k in this and didn’t spread it. I spoke to fscs for piece of mind.
There is a company called flagstone which was set up by one of my friends bosses from Barclays.
You deposit money, then can split it over loads of different banks including riskier ones, so you are under the amount covered by the fsc.
I’ve used it for some of my mums money, seems to work well
You deposit money, then can split it over loads of different banks including riskier ones, so you are under the amount covered by the fsc.
I’ve used it for some of my mums money, seems to work well
Yorkshire Building Society, who are pretty safe and not a 'challenger' bank (!) have some interesting rates... see the latest here:
https://www.ybs.co.uk/documents/productdata/YBM160...
https://www.ybs.co.uk/documents/productdata/YBM160...
Virgin Money private banking savings ac will pay BOE +0.25% on £1million. So 4.75% as at this week. Instant access savings ac too, no ties in, no silliness.
Sure its £25 a month fee but thats peanuts compared to the additional interest you’ll earn over any of the above.
Its part of clydesdale which is a clearing bank, so even after the 6mths fscs temporary limit expires its about as safe of a bet as you’ll find really.
Sure its £25 a month fee but thats peanuts compared to the additional interest you’ll earn over any of the above.
Its part of clydesdale which is a clearing bank, so even after the 6mths fscs temporary limit expires its about as safe of a bet as you’ll find really.
Have a look at one of the "hub" type arrangements like Raisen or Insignis. You deposit all the money in a central hub and from there you can move money into 30-40 different accounts without the hassle of opening the account. A bit like a wheel hub with loads of spokes leading out to different accounts. Once you've opened your hub account, you have automatic access to all the hub providers. That way you can spread your money across say 15 providers to keep each one under £85K to get the FSCS protection. You can have some money in instant access, 6 months, 9 months,3 years, etc. Just choose the accounts you want. Money can only be paid in and out via the central hub, into 1 nominated account in your name. A bit like Marcus.
If you want to spread a decent sum of money across many accounts, it takes a lot of the hassle out of it. No multiple passwords and websites to check on your money.
If you want to spread a decent sum of money across many accounts, it takes a lot of the hassle out of it. No multiple passwords and websites to check on your money.
I'd open a brokerage account and put it there - someone like IBKR. I personally use Tastytrade, but I think they only hold deposits in USD. From there you can either keep it as cash or buy a variety of gilts/treasury bonds depending upon your preference. The benefit of a brokerage account, unlike a bank, is that they aren't using your deposit for their own lending activity, so you aren't exposed to additional (unknown) risk.
james6546 said:
There is a company called flagstone which was set up by one of my friends bosses from Barclays.
You deposit money, then can split it over loads of different banks including riskier ones, so you are under the amount covered by the fsc.
I’ve used it for some of my mums money, seems to work well
You deposit money, then can split it over loads of different banks including riskier ones, so you are under the amount covered by the fsc.
I’ve used it for some of my mums money, seems to work well
TwigtheWonderkid said:
Have a look at one of the "hub" type arrangements like Raisen or Insignis. You deposit all the money in a central hub and from there you can move money into 30-40 different accounts without the hassle of opening the account. A bit like a wheel hub with loads of spokes leading out to different accounts. Once you've opened your hub account, you have automatic access to all the hub providers. That way you can spread your money across say 15 providers to keep each one under £85K to get the FSCS protection. You can have some money in instant access, 6 months, 9 months,3 years, etc. Just choose the accounts you want. Money can only be paid in and out via the central hub, into 1 nominated account in your name. A bit like Marcus.
If you want to spread a decent sum of money across many accounts, it takes a lot of the hassle out of it. No multiple passwords and websites to check on your money.
Exercise extreme caution with these sorts of operations. Intermediary operational risk aside (which I would argue is non-trivial given the size and financial standing of most of them), if you choose to maximise your interest returns, not all of them will keep below the FSCS limits. If you want to spread a decent sum of money across many accounts, it takes a lot of the hassle out of it. No multiple passwords and websites to check on your money.
NS&I is the only really safe place if you want it all in one place.
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hstewie said:
hstewie said: NS&I.
Not the best rates but a VERY safe place in so much as if you can't get it back from them you're not getting it back from anyone.
Agreed. And the full interest rate is paid, there's no cap at which it drops off.Not the best rates but a VERY safe place in so much as if you can't get it back from them you're not getting it back from anyone.
Up to 1M -> Income Bonds : https://www.nsandi.com/products/income-bonds
Up to 2M -> Direct Saver : https://www.nsandi.com/products/direct-saver
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