Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • jcuurthht
    • By jcuurthht 16th Jun 17, 6:54 AM
    • 44Posts
    • 1Thanks
    jcuurthht
    Temporarily moving savings to parents bank account
    • #1
    • 16th Jun 17, 6:54 AM
    Temporarily moving savings to parents bank account 16th Jun 17 at 6:54 AM
    I currently have over 85k in my bank account, and therefore want to move 17k to my parents bank account (which pays no interest) while I set up a new savings account.

    Are there any legal ramifications of doing this?

    Many thanks.

    Edit: I am a non-resident, so for me opening a new UK account is very limited, and the process takes a couple of weeks.

    Edit 2: The reason I want to do this is funds over 85k are not protected by the Financial Services Compensation Scheme (FSCS).
    Last edited by jcuurthht; 16-06-2017 at 7:36 AM.
Page 2
    • jcuurthht
    • By jcuurthht 16th Jun 17, 8:56 AM
    • 44 Posts
    • 1 Thanks
    jcuurthht
    But you are perfectly happy to risk a large loss to currency market shifts?
    Originally posted by Keep pedalling
    I don't understand. How does the currency market affect my money? I thought the only thing to be concerned about was the interest earned not offsetting inflation.
    • Keep pedalling
    • By Keep pedalling 16th Jun 17, 9:09 AM
    • 3,446 Posts
    • 3,713 Thanks
    Keep pedalling
    I don't understand. How does the currency market affect my money? I thought the only thing to be concerned about was the interest earned not offsetting inflation.
    Originally posted by jcuurthht
    You say that you are currently not a UK resident and that may be a permanent thing. If for instance the £ falls 20% against other currencies if Brexit goes badly then you have lost 20% of your spending power in your contry of residence.
    • jcuurthht
    • By jcuurthht 16th Jun 17, 9:15 AM
    • 44 Posts
    • 1 Thanks
    jcuurthht
    Ah yes, no doubt. I understand that. It's the reason I'm not brining my money to Europe. I'm hoping in the future the pound will grow stronger and I can convert the money then. Considering I won't need this money for a few years, I have time to wait.
    • Keep pedalling
    • By Keep pedalling 16th Jun 17, 9:24 AM
    • 3,446 Posts
    • 3,713 Thanks
    Keep pedalling
    Ah yes, no doubt. I understand that. It's the reason I'm not brining my money to Europe. I'm hoping in the future the pound will grow stronger and I can convert the money then. Considering I won't need this money for a few years, I have time to wait.
    Originally posted by jcuurthht
    That is a high risk stratergy and highly unlikely to get you any long term significant growth. I think you really need to take some professional advice from a IFA.
    • bowlhead99
    • By bowlhead99 16th Jun 17, 9:44 AM
    • 6,605 Posts
    • 11,680 Thanks
    bowlhead99
    You will still be covered by FSCS for a limited time following house sale, 6m I think. No need to panic!

    Google temporary high balance fscs
    Originally posted by dmelife
    OP says he is non resident and just sold a UK property which generated proceeds this week.

    You can get FSCS protection on temporary high balances for some specific reasons which include sale of your only or main residence. However, if he is claiming non resident status then it seems unlikely that last week, before the property sale completed, it was his only or main residence. His main residence appears to be in another country (unless he literally only left the UK last weekend and is claiming non-residence only from that point onwards).
    • xylophone
    • By xylophone 16th Jun 17, 9:48 AM
    • 22,392 Posts
    • 12,916 Thanks
    xylophone
    It's the reason I'm not brining my money to Europe
    Salting it away?
    • jcuurthht
    • By jcuurthht 16th Jun 17, 9:50 AM
    • 44 Posts
    • 1 Thanks
    jcuurthht
    That is a high risk stratergy and highly unlikely to get you any long term significant growth. I think you really need to take some professional advice from a IFA.
    Originally posted by Keep pedalling
    Yes I think this is a good idea.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,910Posts Today

9,197Users online

Martin's Twitter