Safe Limit To Save In Banks & Societies.

normanundercroft

Now all the banks and building societies have been stress tested and they are tougher on lending is it considered safer now to put more than £50,000 into one instituiton or is it still best to only put £50K in anyone instituiton?
I have £100K to invest to earn a monthly income without putting the captial at risk or paying any fees or charges and want instant access. I have maxed out my ISAs. :huh:

rb10

For absolute security, £50k per person (or £100k if it's a joint account) is still the limit.

In your position, I'd put £50k in the AA (2.8%) and the remainder in either the Post Office or Santander (both 2.75%).

You can then withdraw your monthly income from the PO/Santander account (as that has the slightly lower rate).

juicyjude

And as from November the Post Office is coming within the UK fscs! I do have over the limit in Nationwide/Cheshire B S but this is going to increase at the end of the year. I took the risk, but if the increase wasnt on the cards then I would have gone elsewhere. The good rate I felt was worth the risk especially as the comp figure is going up to about £83,000