£150k in 1 account-what should I do?

Nadia78

We recently sold our house and are in temporary rented accomodation while our new house is being built. All the capital we built up in our property is our deposit and is fairly sizeable (about £150k) We were suppose to move in 2 weeks ago but building has been delayed and now our money is still in the 1 savings account and if anything were to happen I presume we only have £30k covered? I thought it would be ok as it was for a short period but now its going to be until end November and I'm worried.
Money is with First Direct currently.
Any advise?
Thanks

isofa

You've 35K covered, if it's a joint account you've 70K covered.

If you really are worried, split it into accounts with different financial organisations (remember some banks are owned by others) with 35K max single or 70K max joint for full coverage.

Personally I think this risk is minute, and wouldn't worry, but everyone has their own take on it.

GeorgeHowell

I would split it into four traches and move three quarters to other banks. First Direct is part of HSBC, so you could consider :- Barclays, Lloyds TSB, Natwest, Abbey, or Nationwide, all of whom are, as far as we know, as relaible and solvent as anyone is these days, and being proper, professional, established organisations should be able to handle the necessary transactions with minimum fuss. You might lose out on a bit of interest, but if it's going to go on for at least another two months, then better safe than sorry.

a7man

HSBC is the worlds biggest bank...I wouldnt worry. The only reason I would move money around in your situation would be to find a good interest rate.