Ref the 85k fcs protection & bigger sums
Discussion
So I realise you can go over the 85k with one bank for 6 months for a few reasons.
My question is what do people do when you approach the end of that period & new house isn't bought yet or it's not in other investments as you want it liquid. Just spread it across many multiple banks/BS being careful they are not linked like the recent Co op/Cov BS link etc or just pick a big player unlikely to fail like say HSBC or stick it with NS&I & take the lower interest as if try go pop well that's the govt gone pop & the country is in real problems! ?
My question is what do people do when you approach the end of that period & new house isn't bought yet or it's not in other investments as you want it liquid. Just spread it across many multiple banks/BS being careful they are not linked like the recent Co op/Cov BS link etc or just pick a big player unlikely to fail like say HSBC or stick it with NS&I & take the lower interest as if try go pop well that's the govt gone pop & the country is in real problems! ?
iguana said:
So I realise you can go over the 85k with one bank for 6 months for a few reasons.
My question is what do people do when you approach the end of that period & new house isn't bought yet or it's not in other investments as you want it liquid. Just spread it across many multiple banks/BS being careful they are not linked like the recent Co op/Cov BS link etc or just pick a big player unlikely to fail like say HSBC or stick it with NS&I & take the lower interest as if try go pop well that's the govt gone pop & the country is in real problems! ?
The FSCS limit is one of the reasons why the wife and I have manifold accounts (taxation is another). This also means we need to watch for acquisitions, eg the fairly recent Barclays takeover of Tesco Bank, and how they move on with their FCSC arrangements: do they keep them separate (good news) or do they merge them in to one (bad news)? We do not always react promptly, meaning we do at times have some assets exposed because of the FSCS limit.My question is what do people do when you approach the end of that period & new house isn't bought yet or it's not in other investments as you want it liquid. Just spread it across many multiple banks/BS being careful they are not linked like the recent Co op/Cov BS link etc or just pick a big player unlikely to fail like say HSBC or stick it with NS&I & take the lower interest as if try go pop well that's the govt gone pop & the country is in real problems! ?
R.
If it was a main high street bank it wouldn't concern me that much having money over the £85k limit. I wouldn't lose sleep over it whereas I'm more cautious with the organisations that have the best interest rates.
I've got several accounts up to £85k max in banks I'd never heard of until they appeared on the Martin Lewis web site but still carry the FSCS protection. Of the years I've been using them only once into a 2yr bond did one of the banks inform me they were pulling out of fixed interest savings resulting in the bond closing early but the interest was paid up to the point they transferred the money back to me.
For large amounts I need ready access to I use NS&I, although I did split it to tie into their 1yr Fixed Rate Bond at 5.15% last November. I can't see them offering that rate again when it matures.
I've got several accounts up to £85k max in banks I'd never heard of until they appeared on the Martin Lewis web site but still carry the FSCS protection. Of the years I've been using them only once into a 2yr bond did one of the banks inform me they were pulling out of fixed interest savings resulting in the bond closing early but the interest was paid up to the point they transferred the money back to me.
For large amounts I need ready access to I use NS&I, although I did split it to tie into their 1yr Fixed Rate Bond at 5.15% last November. I can't see them offering that rate again when it matures.
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