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  • FIRST POST
    • Mistercee111
    • By Mistercee111 12th Jul 17, 9:15 AM
    • 5Posts
    • 2Thanks
    Mistercee111
    High interest bank OR building society
    • #1
    • 12th Jul 17, 9:15 AM
    High interest bank OR building society 12th Jul 17 at 9:15 AM
    I have been left a substantial amount of money in a will and I am not sure which way to go with it.
    I currently have an ISA with Nationwide as well as a current account with Barclays, however I have read that neither can take such amounts of money.
    I plan to use some and pay off my mortgage but will have quite a bit left.

    Can anybody recommend a bank/building society where it is possible to save 200k?

    A friend joked about saving it in an offshore bank in Dubai. Maybe that's not quite a joke and more real life.....
Page 1
    • mgarl10024
    • By mgarl10024 12th Jul 17, 10:18 AM
    • 584 Posts
    • 392 Thanks
    mgarl10024
    • #2
    • 12th Jul 17, 10:18 AM
    • #2
    • 12th Jul 17, 10:18 AM
    Can anybody recommend a bank/building society where it is possible to save 200k?
    Originally posted by Mistercee111
    I think NS&I isn't affected by the 85K FSCS limit, so you could put it there while working out what to do.
    • eskbanker
    • By eskbanker 12th Jul 17, 10:44 AM
    • 5,466 Posts
    • 5,269 Thanks
    eskbanker
    • #3
    • 12th Jul 17, 10:44 AM
    • #3
    • 12th Jul 17, 10:44 AM
    Agree with NS&I as the only safe option for keeping that sort of sum in cash form in one place, but I'd also suggest thinking about what you ultimately want to use the money for.

    There is no such thing as a high-interest (safe) option for significant sums in the current market, so that's ruled out - one option to consider would be to put aside an emergency 'rainy day' savings pot of six months' outgoings, and also to top up your pension with as much as you can squeeze into it, because of the tax advantages of doing so (albeit the money is then locked away until 55).

    Once those are taken care of, consider investing if you don't have any short to medium term plans for the money - this is highly likely to deliver better long-term growth. There are quite a few current threads about how to start on an investment journey so worth reading some of these if it's not an area you're familiar with....
    • Eco Miser
    • By Eco Miser 12th Jul 17, 12:18 PM
    • 2,977 Posts
    • 2,757 Thanks
    Eco Miser
    • #4
    • 12th Jul 17, 12:18 PM
    • #4
    • 12th Jul 17, 12:18 PM
    I currently have an ISA with Nationwide as well as a current account with Barclays, however I have read that neither can take such amounts of money.
    Can anybody recommend a bank/building society where it is possible to save 200k?
    Originally posted by Mistercee111
    Any of them. However you risk them going the way of Northern Rock, when you would only get the first £85k back.

    National Savings and Investments is directly guaranteed by the treasury up to at least a million pounds. You can get .75% with their income bonds.
    You can spread your money between three banks/building societies so it is all covered by the Financial Services Compensation Scheme, or many more to try to get higher interest.
    Eco Miser
    Saving money for well over half a century
    • Mistercee111
    • By Mistercee111 17th Jul 17, 8:45 AM
    • 5 Posts
    • 2 Thanks
    Mistercee111
    • #5
    • 17th Jul 17, 8:45 AM
    • #5
    • 17th Jul 17, 8:45 AM
    Thanks for the advice. In response to what has been said, my plan is to buy myself a house as I'm currently in a flat and also to pay off my car (not much). I do like the idea of topping up my pension as well as spreading the money. I guess I just don't really want to have several different savings accounts....
    • 2010
    • By 2010 17th Jul 17, 11:43 AM
    • 4,142 Posts
    • 3,313 Thanks
    2010
    • #6
    • 17th Jul 17, 11:43 AM
    • #6
    • 17th Jul 17, 11:43 AM
    Certain types of money are protected up to one million for six months.
    i.e. proceeds from sale of a house.
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