Where to put money from sale of flat, that's not part of dmp..

another_casualty

Hello
I'm on a dmp. May be paying it off soon , subject to agreement.
I sold my flat,and at the moment have over£200k sitting in my nationwide Acct.
I hope to buy another flat soon within 5 months or so.

The problem I have here , is that my d m p is between Barclays , rbs,Santander . Obviously , I joined nationwide because it's not associated with those names I mentioned .
The r b s , is a mint credit card and nor100% sure but think It's part of Nat west also.

Question is , could someone advise of somewhere I could transfer the cash. I live in Poole at the moment having moved recently , but can't see anywhere 'different'.
Please advise if you can.
Happy new year to all
Thanks

YorkshireBoy

Why do you want to transfer the cash? If it's to get under £75K then you don't need to (for 6 months anyway)...

https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

If you would rather split I up, then look at LBG, so Lloyds and Bank of Scotland/Halifax...or HSBC...or a building society or 2. Alternatively, dump the lot with NS&I.

another_casualty

Thanks Yorkshire.
One of the reasons ( other than the 75k issue), is that I am not working,and want to put some cash away in a separate emergency fund etc. Also, if I manage to buy somewhere it will probably be a flat which means service charges etc. Trying to be very careful.:)

enthusiasticsaver

National savings income bonds. Instant access. 1% interest monthly and totally safe

another_casualty

Thanks enthusiastic

mt99

Yes totally agree - NS&I income bonds.

mt99

Just as an aside, if you have £200k in Nationwide and want to send it to, say, NS&I then because of the limits on faster payments (daily amount of £10 or £15k I think) you would be better writing a £200k cheque and posting it to NS&I that trying to do many £15k faster payments. In any case, you can't pay NS&I income bonds by faster payments you will have to open a NS&I direct saver, send the money to there and they transfer it to income bonds. So a cheque would be best I think. I know you can also pay into income bonds by calling them and using your debit card but not sure what the limits on this are.

JuicyJesus

Mint is/was part of the RBS Group.

HSBC, Co-op, Tesco, Lloyds, Halifax, TSB. Take your pick. None of those are affiliated with Barclays, Santander or RBS.

enthusiasticsaver

mt99 wrote: »

Just as an aside, if you have £200k in Nationwide and want to send it to, say, NS&I then because of the limits on faster payments (daily amount of £10 or £15k I think) you would be better writing a £200k cheque and posting it to NS&I that trying to do many £15k faster payments. In any case, you can't pay NS&I income bonds by faster payments you will have to open a NS&I direct saver, send the money to there and they transfer it to income bonds. So a cheque would be best I think. I know you can also pay into income bonds by calling them and using your debit card but not sure what the limits on this are.

We opened a national savings income bonds account in October with a cheque of around £100k and after the account was set up and we got online access I did a debit card transfer for £20k by faster payment. It still took a few days though. I would advise opening it with a cheque initially too.

another_casualty

My ( unused) nationwide chequebook , is in storage from the move.
Needle in haystack etc.
Thanks

another_casualty

JuicyJesus wrote: »

Mint is/was part of the RBS Group.

HSBC, Co-op, Tesco, Lloyds, Halifax, TSB. Take your pick. None of those are affiliated with Barclays, Santander or RBS.

There was me thinking lloyds/ Halifax / tsb/ were part of rbs group.
Had a feeling mint was .

Thank you Jesus