Got to open 5 bank accounts... Where?

HotPotato

So I've just sold a BTL flat, and thought I'd max out accounts for the Bank Deposit Protection, it would just make me feel uneasy having the money sat around for too long anywhere.

I have accounts at Lloyds, Natwest, and just completed an application for Santander. Just wondering where else you would open for now?

Needs to be easy to deal with online in particular.

Was toying with the idea of Metrobank....

Futuristic

Halifax/Bank of scotland
Tesco bank
TSB
Barclays

BOS is owned by Lloyds but protection is separate. Halifax-BOS is one. Internet banking is easy for all 3.

Barclays would be good option as well but you'll need smartphone and use the app as the key device is annoying. Site itself is easy to use

Alternatively put it all in NS&I which is run by the government and protects the whole amount you put in.
http://www.nsandi.com/direct-saver

ceredigion

In the short term, national savings. It is underwritten by the government and so has a unlimited guarantee .

ceredigion

Futuristic wrote: »

Halifax/Bank of scotland
Tesco bank
TSB
Barclays

BOS is owned by Lloyds but protection is separate. Halifax-BOS is one. Internet banking is easy for all 3.

Barclays would be good option as well but you'll need smartphone and use the app as the key device is annoying. Site itself is easy to use

Alternatively put it all in NS&I which is run by the government and protects the whole amount you put in.
http://www.nsandi.com/direct-saver

That's plagiarism

jonesMUFCforever

Isn't there a scheme which if the proceeds of a big sale as a property is goes into your bank you would be covered for I think 6 months.


From the fscs.org site

From 3 July 2015, the FSCS will provide a £1 million protection limit for temporary high balances held with your bank, building society or credit union if it fails. Read our Q&As about temporary high balances for more information.

xylophone

Or you could safely hold the lot in NS&I Income Bonds......

http://www.nsandi.com/income-bonds

Kim_13

Nationwide FlexDirect pays 5% on 2.5k for a year and 1% after that (subject to 1000p/m pay in.) Could use SO's to cycle funds between accounts.

colsten

I think the OP might be looking for a home for £375,000 (5 x £75K) and accounts with a tiny limit are probably not much help.

NS&I is definitely a safe option, as would a normal savings account such as Tesco (1.5%) be for the next 6 months only.

HotPotato

This NS&I seems pretty good actually, how quick is it to get in and out of them?

colsten

Reasonably quick, like in a couple of days, but not instant.

Exact details will be in their T&Cs, or you can call them to ask.

agrinnall

Futuristic wrote: »

Alternatively put it all in NS&I which is run by the government and protects the whole amount you put in.
http://www.nsandi.com/direct-saver

ceredigion wrote: »

In the short term, national savings. It is underwritten by the government and so has a unlimited guarantee .

Unless it's changed recently the protection is for up to £2 million (not that I'm suggesting the OP has that much to spread around).