Bank Deposits.

bobbyy_2

Hi,

Which U.K banks allow 1 million pounds in deposit with protection ?

And any with interest rates ?

ceredigion

Ns&i
………....

alanq

If you are talking about a temporary high balance (e.g. following an inheritance or sale of a house) then FSCS covers deposits up to £1 million.
https://www.fscs.org.uk/your-claim/questions-and-answers/qas-about-temporary-high-balances/


Otherwise you only have NS&I.

EssexExile

Or you spread it about across many accounts.

JuicyJesus

If you want it all in one place for an extended period of time, NS&I. Otherwise if it's just temporary the THB scheme may work for you.

Pragmatically speaking, the government would never let a deposit-holding institution go to the wall and would act immediately to prop it up, as happened with Northern Rock. But you can't rely on that as it's just speculation, not an underwritten promise as per the FSCS.

antrobus

JuicyJesus wrote: »

...
Pragmatically speaking, the government would never let a deposit-holding institution go to the wall and would act immediately to prop it up, as happened with Northern Rock. But you can't rely on that as it's just speculation, not an underwritten promise as per the FSCS.

A number of deposit-holding institutions have gone to the wall without the government doing anything at all. The Dunfermline BS for one, and there is a fairly regular stream of credit unions that fail.

That's why we have the FSCS.

PRAISETHESUN

Depending on the source of the money you have protection under FSCS temporary high balances, otherwise only the standard £85k protection applies. Either try NS&I or spread it out over multiple banks would be my recommendation

paragon909

People who have that sort of money don't come to forums and ask advice, They surely have accountants and other people who deal with that sort of money....

Stupid thread.

ColdIron

paragon909 wrote: »

People who have that sort of money don't come to forums and ask advice, They surely have accountants and other people who deal with that sort of money....

Stupid thread.

I have that sort of money and I've received an enormous amount of help from the good people on these forums over the years. I have never used an accountant and can't think how one would help me

I don't usually like to be overly negative but that certainly is a (literally) stupid and uninformed comment

eskbanker

paragon909 wrote: »

People who have that sort of money don't come to forums and ask advice, They surely have accountants and other people who deal with that sort of money....

Stupid thread.

Your cynicism is probably well-founded for anyone claiming to have £1m+ from earnings, etc, but there are of course those who have overwhelmingly large sums suddenly and/or unexpectedly, such as inheritances, although the best option in such circumstances would naturally be to explain more detail....

stehouk

If i had a million pounds to deposit i wouldn't be on here asking silver surfers living in bungalows for advice, this is for advice on regular savers.

stupid thread