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

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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
«1

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
  • 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
    enthusiasticsaver Posts: 16,051 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    National savings income bonds. Instant access. 1% interest monthly and totally safe
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • Thanks enthusiastic :)
  • mt99
    mt99 Posts: 472 Forumite
    Yes totally agree - NS&I income bonds.
  • mt99
    mt99 Posts: 472 Forumite
    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
    JuicyJesus Posts: 3,831 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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.
    urs sinserly,
    ~~joosy jeezus~~
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,051 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
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  • My ( unused) nationwide chequebook , is in storage from the move.
    Needle in haystack etc.
    Thanks :)
  • 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 :)
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