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  • FIRST POST
    • DartsPro1998
    • By DartsPro1998 9th Feb 18, 2:21 PM
    • 1Posts
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    DartsPro1998
    Keeping a large amount from house sale safe?
    • #1
    • 9th Feb 18, 2:21 PM
    Keeping a large amount from house sale safe? 9th Feb 18 at 2:21 PM
    Hi all,

    My mother has sold her house and the house she is buying is in the process of being built, so as such the money for her house sale will be in the bank for a few months while she stays with us.

    We are quite savvy with cyber security and whatnot, but because it is such a large amount of money we obviously want to be particularly careful.

    She has two bank accounts so first things first we were going to split the money between them, then also thought about maybe putting some in my bank account and some in my sisters (The amounts would all be under the 85k needed for the FSPC, though I understand they cover for more in house sale situations).

    Then I thought about transferring the amounts into at least a saver account linked to the bank, rather than the current account itself, so there is an extra hoop for a proverbial hacker to jump through.

    We'll have 2 step authentication and spending alerts on each account.

    Does anybody know of any ways we can get a bank to essentially 'freeze' an amount of money so that it would be impossible to spend it in a certain time period? Or setting a limit on how much can be spent or transferred in one go? I will be asking this at the relevant banks, but so far haven't seen much info on it.

    Basically with such a large amount of money in the bank I am looking for as many ways as I can to make it very hard to spend/transfer the money in the months leading up to the purchase. Can anyone recommend anything beyond what I am doing?

    (Btw its scammers I am fearing with regards to these measures, not my mother's spending habits)
Page 1
    • forgotmyname
    • By forgotmyname 9th Feb 18, 4:54 PM
    • 26,613 Posts
    • 10,686 Thanks
    forgotmyname
    • #2
    • 9th Feb 18, 4:54 PM
    • #2
    • 9th Feb 18, 4:54 PM
    Dont do online banking if you think its not safe. Never had an issue ever.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • xylophone
    • By xylophone 9th Feb 18, 6:00 PM
    • 24,508 Posts
    • 14,359 Thanks
    xylophone
    • #3
    • 9th Feb 18, 6:00 PM
    • #3
    • 9th Feb 18, 6:00 PM
    https://www.nsandi.com/our-products
    However much you invest, all of your money is 100% safe with us as we're backed by HM Treasury.

    Had she thought of holding the lot in NS&I Income Bonds?

    https://www.nsandi.com/income-bonds
    • ic
    • By ic 9th Feb 18, 9:10 PM
    • 2,562 Posts
    • 1,312 Thanks
    ic
    • #4
    • 9th Feb 18, 9:10 PM
    • #4
    • 9th Feb 18, 9:10 PM
    You needn't split the amount if its only for a few months, as the FSCS covers up to £1M for temporary balances for up to six months.

    https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

    Fundamentally all the scams rely on you giving up details - so have your wits about you! The banks can't do anything about you walking in, or calling and asking for the money because a scammer fooled you into doing that.
    * my posts are made in good faith and only represent my own opinion, experience or understanding of a situation.
    • Money maker
    • By Money maker 9th Feb 18, 9:12 PM
    • 4,921 Posts
    • 11,209 Thanks
    Money maker
    • #5
    • 9th Feb 18, 9:12 PM
    • #5
    • 9th Feb 18, 9:12 PM
    Be aware that if you put the money in your account or your sisters that it will belong to you and thus will affect any income based benefits you receive.
    Please do not quote spam as this enables it to 'live on' once the spam post is removed.

    If you quote me, don't forget the capital 'M'

    Declutterers of the world - unite!
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