1.2m in cash ZERO risk

goRt

Hi, I have a friend who sold her house 3 months ago and is stilling on 1.2m in her current account!
She renovates a single property at a time so needs about 200k in instant money for a deposit (no property on the horizon) with the rest in zero risk 1 month notice.

What are her options (please let it be something other than 17 banking institutions).

Thanks in advance for your help

Credit-Crunched

Compensation Limits
The actual level of compensation you receive will depend on the basis of your claim. The FSCS only pays compensation for financial loss. Compensation limits are per person per firm, and per claim category (listed below).

Slightly different limits and rules apply if you have a claim against an insurer or a bank that was insolvent before the FSCS became operational (1 December 2001), or if your claim is against an investment firm that was declared in default before the FSCS became operational.

The maximum levels of compensation are:

Deposits: £85,000* per person per firm (for claims against firms declared in default from 31 December 2010).

100% of £85,000*.
For more details visit our Deposit Limits page.

*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.

*From 1 January 2016 deposit limit for bank accounts will be £75,000, and £150,000 for joint accounts. The £75,000 figure is the sterling equivalent of €100,000 as required by the recast Deposit Guarantee Schemes Directive.

goRt

I did know of the 75k change, but was having a moment.
The £1m is for 6 months, so her current exposure is 200k (which she's moving now - I only found out yesterday about her situation) with the £1m hitting issues in 3 months - I'd rather gather information and act.

Linton

NS&I is the safest for that amount of money since it is directly and completely guaranteed by the government. You can hold up to £2M in an account.

goRt

Linton wrote: »

NS&I is the safest for that amount of money since it is directly and completely guaranteed by the government. You can hold up to £2M in an account.

Excellent, thank you for your reply

Pincher

Up to £1m, 1.25%, No notice, no penalty


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


Up to £1m, 0.75%, No notice, no penalty


http://www.nsandi.com/investment-account


Happy?

goRt

Direct saver 1.1% interest up to £2m ;-)

stringer_bell

goRt wrote: »

Direct saver 1.1% interest up to £2m ;-)

interest paid yearly I think though

MEM62

There is no such thing as a ZERO risk savings or investment.

Archi_Bald

stringer_bell wrote: »

interest paid yearly I think though

Normal interest payment date doesn't matter, does it. If you close the account before a year is up, you get the interest that you earned up to the closing date. Standard procedure for all instant access accounts that pay interest annually.

Jonbvn

MEM62 wrote: »

There is no such thing as a ZERO risk savings or investment.

I think NS&I get the closest to what the OP is looking for.

Of course we could experience the next zombie apocalypse and all fiat currency becomes redundant overnight. Do you realise the storage costs for £1m of tinned food?:D