Bank account to hold equity from house sale?

societys_child

My current account is with Santander. I believe they are still covered by the FSCS rules despite being Spanish and the money will be safe for up to 6 months.

Santander UK is a UK company, not Spanish.

soulsaver

Tesco Internet Saver 0.96% including 0.56% fixed bonus for 12 months.
https://www.tescobank.com/savings/compare-rates.html

Dawn248

Would I be charged by the bank I'm transferring TO or the account I'm transferring FROM?
Sorry I'm getting a bit confused.

jonesMUFCforever

Dawn248 wrote: »

Would I be charged by the bank I'm transferring TO or the account I'm transferring FROM?
Sorry I'm getting a bit confused.

It will depend.
Most banks have Faster payment limits - my bank Lloyds has a daily limit of £25000.
So If I wanted to transfer all the money in a single transaction I would have to make a CHAPS transfer which would cost me £30.
There is nothing stopping me from making a F/P daily of £25k until all the money was transferred for free.

I don't know for example if NSI charges for sending the money back to you when needed.

agrinnall

jonesMUFCforever wrote: »

I don't know for example if NSI charges for sending the money back to you when needed.

They don't unless you want to make a CHAPS payment, but it's not necessary unless the money must arrive on the same day. I believe their single transaction FPS limit is the scheme maximum of £100K, but you can do more than one transaction in a day to transfer more than £100K; I transferred £111,000 in two transactions in one day.

Dawn248

I see. Thanks for clearing that up.

mt99

the only thing i would add and i'm sure i really don't need to say it is to double and even treble check the account details for your NS&I account when you do the transfers - any mistake and you stand to lose a lot of money potentially !

Also depending on how quickly you are going to get the flat you may even decided to keep the money in your bank's own savings account even though the interest rate is lower to save any (admittedly minor) hassle.