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Having large sum in bank account for 2 months - are the banks safe?
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The accountants will be wise to that and you may not have a legal leg to stand on.I think I'll get my mother & brother to open up identical accounts and plonk the remaining two thirds of my money in to each.
Compensation is per creditor, not per account or per nominee."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
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You don't mind if your mother and brother have to commit criminal offences to get your compensation?Hmm good point. I'll let my mother & brother open the accounts and keep them there as a failsafe. Should something begin to smell fishy.
Not saying they'd have to, but it seems like a possibility. I don't know what it would say on the paperwork they'd have to sign."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
True. However I hope they don't!
It's quicker for me and them to open up extra online accounts in time to get two full months of interest from it.
The possibility of them dieing in the next two months is low. (24y.o. and 50y.o.) As long as it's protected that's the main thing for me.
I was in the same position many years ago, and invested the money in 30 day periods.
At that time, the interest was about 10%, which I had to declare to the Inland Revenue. Did that for three months, then bought a house for cash. BUT:-
The IR changed my tax code, to reflect the same amount of interest every month as though it was going to continue forever.
Wiped out a lot of my wages in tax after I bought the house. :eek:
Watch the bu*gers! (Got it sorted of course, with a stinking letter of complaint.)0 -
You don't mind if your mother and brother have to commit criminal offences to get your compensation?
An angle I'd not thought of.Not saying they'd have to, but it seems like a possibility. I don't know what it would say on the paperwork they'd have to sign.
The only other alternative is to open up accounts with other banking groups.
That or watch the bank/building society, if & when they go tits up, **** £135k away and end up with a nice big bonus again for doing so!
I'll look in to accounts with other banking groups this weekend.0 -
It's easy enough to open other accounts.
Coventry BS Poppy Saver ( up to 4 withdrawals a year ) @ 3.11%
Very efficient, UK call centre,0 -
Newly_retired wrote: »It's easy enough to open other accounts.
Coventry BS Poppy Saver ( up to 4 withdrawals a year ) @ 3.11%
Very efficient, UK call centre,
I opened an eSaver with ING this afternoon and also an eSaver with Santander both paying around 3.10% roughly. With unlimited withdrawls.
Took me about 15 minutes to do them both. I was expecting it to be much longer to open accounts with banks I've not used before :cool:0
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