Bank Account Limits

Kat1e

Hi
We've just sold our house and a big chunk of money from the sale will be going into my account and just wondered if there's a limit to how much you can deposit into a current account. We are on such a tight deadline to get this move done and I'd hate anything to do with the money side of things to hold it up. Sorry if it's a daft question but it's 02.55, can't sleep and have all sorts of things going through my mind. Thanks to anyone that replies.

Whatisinaname

Exchange contracts before you even worry about that....

JuicyJesus

There's no limit as such.

DCFC79

No there isnt, if its over a certain amount its not proteccted (fscs scheme) if the bank goes belly up so split the proceeds around 2 or 3 banks.

agrinnall

DCFC79 wrote: »

No there isnt, if its over a certain amount its not proteccted (fscs scheme) if the bank goes belly up so split the proceeds around 2 or 3 banks.

Not necessary if it's only a Temporary High Balance - although if it was me I'd open a Marcus account and put it in there so that it earns 1.5% interest.



Or if it's going to be a significant time before the money is used, perhaps a NS&I account where the protection levels are much higher (IIRC unlimited or £2million, depending on the account).

Kat1e

agrinnall wrote: »

Not necessary if it's only a Temporary High Balance - although if it was me I'd open a Marcus account and put it in there so that it earns 1.5% interest.



Or if it's going to be a significant time before the money is used, perhaps a NS&I account where the protection levels are much higher (IIRC unlimited or £2million, depending on the account).

Phew! Thanks all that's a relief. We are going into rented but hope to find a property very soon so hopefully the money won't be sat around for too long and I do agree to spread it around different banks.

Thanks so much for you advice.

Kat1e

Whatisinaname wrote: »

Exchange contracts before you even worry about that....

We exchanged yesterday which has made it all real now and my head has gone into overdrive with what ifs.

badger09

Over £306,000 from a house sale went into a current account in my name last Friday. No-one batted an eyelid.

Shakin_Steve

DCFC79 wrote: »

No there isnt, if its over a certain amount its not proteccted (fscs scheme) if the bank goes belly up so split the proceeds around 2 or 3 banks.

Its £85,000 or £170,000 for a joint account. A temporary limit of £1,000,000 for up to six months after a house sale, etc.

sheramber

That was quick.

23 Nov 2.55pm
We are going into rented but hope to find a property very soon so hopefully the money won't be sat around for too long and I do agree to spread it around different banks.

23 Nov 2.57pm

We exchanged yesterday which has made it all real now and my head has gone into overdrive with what ifs.

eskbanker

sheramber wrote: »

That was quick.

23 Nov 2.55pm
We are going into rented but hope to find a property very soon so hopefully the money won't be sat around for too long and I do agree to spread it around different banks.

23 Nov 2.57pm

We exchanged yesterday which has made it all real now and my head has gone into overdrive with what ifs.

What's the issue?

OP has just exchanged contracts on the sale of their property, so no inconsistency in the above posts if that's what you were insinuating....