£50,000 insured saving limit

alanq

No. But anyone hastily reading only the later posts may have thought that RBS=NatWest and made a decision that they would have regretted so I thought it worth flagging.

Loughton_Monkey

You cannot avoid it being in a single bank account - at least for quite a few days. It will be (presumably) in the solicitor's bank for a day or two, plus you then can deposit the cheque only into one bank account.

Then, moving it about in chunks of £50K is a non-trivial task, after which you are going to have to put it all back together again in order to produce a cheque (or banker's draft) back to your solicitor for the purchase.

So if it were me, I would probably seek to find the best 2.75%-ish account that accepts this amount - subject to being as 'blue chip' as I could find (e.g. not AA/Birmingham Midshires) - and still try to sleep at night. I tend to split mine up religiously, but I do have £100K in a single institution (in wife's name, for tax reasons) and currently do not lose any sleep over it.

opinions4u

Loughton_Monkey wrote: »

You cannot avoid it being in a single bank account - at least for quite a few days. It will be (presumably) in the solicitor's bank for a day or two, plus you then can deposit the cheque only into one bank account.

Then, moving it about in chunks of £50K is a non-trivial task, after which you are going to have to put it all back together again in order to produce a cheque (or banker's draft) back to your solicitor for the purchase.

So if it were me, I would probably seek to find the best 2.75%-ish account that accepts this amount - subject to being as 'blue chip' as I could find (e.g. not AA/Birmingham Midshires) - and still try to sleep at night. I tend to split mine up religiously, but I do have £100K in a single institution (in wife's name, for tax reasons) and currently do not lose any sleep over it.

Why wouldn't you consider AA/BM "blue chip", given that the savings brand is 41% government owned?

(not having a dig, just trying to understand the logic).

Loughton_Monkey

opinions4u wrote: »

Why wouldn't you consider AA/BM "blue chip", given that the savings brand is 41% government owned?

(not having a dig, just trying to understand the logic).

Didn't realise it was part of BOS. Thought it was still independant.