money from sale of house

ValiantSon

G_M wrote: »

That depends on the account!

There are savings accounts paying more than NS&I's 1%.

Not really, because we were talking about current accounts originally and the interest from them is limited to relatively small sums. The temporary protection is limited to the account into which the funds are paid, which will be a current account. If you move it to a different account, e.g. a savings account then the temporary protection is no longer in place. The whole point of the temporary protection is to give some breathing space to find appropriate accounts (or investments) to move the money to.

ValiantSon

wheelz wrote: »

I was just after things I hadn't thought of. For instance I've never had a savings account that wasn't with a 'bank' where I also have a current account. Once I come to transfer my money (for buying) I probably need it to go to a(nother) current account. Does that attract a fee for large amount. Or a fee at all?

I'm not absolutely clear what your question is, but I'll offer the following that may be of some help. You could, potentially transfer funds to your solicitor from a savings account (not all allow this, but many do) so you would not need it to go through a current account, but if you did need or want for it to do so, then you can open another current account in addition to the one you already hold. There should be no fees for moving the money via faster payments.

SpanishBlue

ValiantSon wrote: »

Not really, because we were talking about current accounts originally and the interest from them is limited to relatively small sums. The temporary protection is limited to the account into which the funds are paid, which will be a current account. If you move it to a different account, e.g. a savings account then the temporary protection is no longer in place. The whole point of the temporary protection is to give some breathing space to find appropriate accounts (or investments) to move the money to.

That's not correct. I have recently had it confirmed from the FSCS via an email that you can move the money as many times as you like to other FSCS protected accounts and you are still fully protected.

The 6 month protection period starts the day the money lands in your bank account and is not reset every time you move the funds.

You can read another thread on this here.

ValiantSon

SpanishBlue wrote: »

That's not correct. I have recently had it confirmed from the FSCS via an email that you can move the money as many times as you like to other FSCS protected accounts and you are still fully protected.

The 6 month protection period starts the day the money lands in your bank account and is not reset every time you move the funds.

You can read another thread on this here.

Okay, I stand corrected.