Spreading cash out due to the £85k FSC thing
Discussion
Sitting on a few quid after a house sale and have another happening. Haven't decided what to do with it yet so am spreading it out between different banks to ensure it doesn't get lost if one of them goes bust. But its fractious, confusing and a PITA with all sorts of apps etc. Does everyone do this or is it actually hyper low risk in having a pot with a long established solvent bank or B Soc?
Edited by Ken Figenus on Monday 19th August 14:38
Aren’t temporary material balances of up to £1m covered up to 6 months with one Bank - I am assuming for a house sale not a hose though 
It is a slight pain unless you use the likes of HL or Flagstone but that seems to potentially add alternative issues.
In reality I guess the likes of Nationwide and Lloyds etal are very unlikely to just fail but pre Northern Rock I’m sure some said what’s the worst that could happen ?!
It is a slight pain unless you use the likes of HL or Flagstone but that seems to potentially add alternative issues.
In reality I guess the likes of Nationwide and Lloyds etal are very unlikely to just fail but pre Northern Rock I’m sure some said what’s the worst that could happen ?!
I’m sitting in a fair bit of cash following a life insurance pay out. I use Hargreaves Lansdown as I was an existing customer anyway and use their Active Savings feature. It’s all alongside my other accounts and multiples of 80k (to allow interest payments) with various providers. You can have bonds , use their cash hub feature and transfer between multiple accounts each with a different provider. Transfers back to your bank account tend to happen in 24 hours too.
Very happy with them
Very happy with them
SS2. said:
You could try one of the cash depositing platforms.
I use Flagstone - all of your money under one roof, but placed in different accounts.
Very user friendly interface, and straightforward to invest, move and withdraw your funds.
There are a few gripes in reviews around access to funds but they are offering good rates even post their c 0.25% comisiwn... Like 5.19% 3 month fix...I use Flagstone - all of your money under one roof, but placed in different accounts.
Very user friendly interface, and straightforward to invest, move and withdraw your funds.
Needs to be funded from main bank account and already made a complaint to bank about the £20k daily access restriction to your own funds
. They just tell me that's the way it is - tough. 
Ken Figenus said:
SS2. said:
You could try one of the cash depositing platforms.
I use Flagstone - all of your money under one roof, but placed in different accounts.
Very user friendly interface, and straightforward to invest, move and withdraw your funds.
There are a few gripes in reviews around access to funds but they are offering good rates even post their c 0.25% comisiwn... Like 5.19% 3 month fix...I use Flagstone - all of your money under one roof, but placed in different accounts.
Very user friendly interface, and straightforward to invest, move and withdraw your funds.
Needs to be funded from main bank account and already made a complaint to bank about the £20k daily access restriction to your own funds
. They just tell me that's the way it is - tough. LooneyTunes said:
Only use a deposit aggregator/management platform if you’re confident that you understand how such platforms actually operate and the risks associated with them.
Well that's me out then before we start! I thought it must add risk having an intermediary between you and your cash...?Gassing Station | Finance | Top of Page | What's New | My Stuff