Best bank account for 100k + salary

benjus

I'm currently with Barclays Premier. It's a decent enough account, good online and mobile banking, and a few perks (English Heritage membership, free hot drinks from Patisserie Valerie and a few other outlets, occasional free wine from Majestic). I've considered moving to HSBC Premier but I'm not really sure what benefit I'd get from it as I'm not really interested in getting investment advice and suchlike from them. At least with Barclays I get a few concrete perks, even if it's not earth-shattering stuff.

Bimbly

Remember the FSCS compensation limit for bank balances is £85k. (If bank goes bust, you'll get up to £85k back).

So put £85k in one account and the rest plus salary into another (assuming adding salary doesn't take you over £85k). Watch out for banks which are in the same group (eg, First Direct and HSBC are in the same group so compensation is limited to £85k across the group).

Although with that amount of cash, I would be looking to put some of it into a savings account paying interest at the very least, such as Marcus.

Assuming you have no issue opening accounts in this country.

eskbanker

Bimbly wrote: »

Remember the FSCS compensation limit for bank balances is £85k. (If bank goes bust, you'll get up to £85k back).

So put £85k in one account and the rest plus salary into another (assuming adding salary doesn't take you over £85k). Watch out for banks which are in the same group (eg, First Direct and HSBC are in the same group so compensation is limited to £85k across the group).

Although with that amount of cash, I would be looking to put some of it into a savings account paying interest at the very least, such as Marcus.

Assuming you have no issue opening accounts in this country.

Despite the space between the '100k' and the '+' in the title, I believe that OP means that they have an annual salary of over £100K, not that they have a lump sum of that amount as well as an unspecified salary....

colsten

Bimbly wrote: »

Remember the FSCS compensation limit for bank balances is £85k. (If bank goes bust, you'll get up to £85k back).

So put £85k in one account and the rest plus salary into another (assuming adding salary doesn't take you over £85k). Watch out for banks which are in the same group (eg, First Direct and HSBC are in the same group so compensation is limited to £85k across the group).

Although with that amount of cash, I would be looking to put some of it into a savings account paying interest at the very least, such as Marcus.

Assuming you have no issue opening accounts in this country.

Good point about the FSCS protection limit.

We have no idea though how much the OP is spending - for all we know, the monthly income might go straight out again, or there might be a substantial amount left. Who knows. If there is any substantial amount left, at least some of it should go into investments rather than savings, in a pension or an ISA wrapper, or both. There's obviously a place for cash savings, but keeping everything in cash would be quite silly.

The very last people I would take advice / guidance from on what to do with my money is a bank. Any bank, large or small. For starters, many banks are totally out of the financial advice business now, but even if they were to give financial advice, they would be biased towards their own products. The place to go to for proper advice, and wealth management where appropriate, is an Independent Financial Adviser or a Chartered Financial Adviser.

stehouk

Tesco have a 3% on 3k balance and extra points for spend on credit card in store or upgrade the nationwide basic to the flex direct with 5% on 2.5k and 5% reg saver, or do both.

rymetymeuk

the IFA advice I think is a great idea, thank you for this. I think this is probably what I'm looking for.


my cash flow is great, so i'll want to invest probably 2k a month, so the IFA would be ideal I think.


thanks all, appreciate all the info.

colsten

rymetymeuk wrote: »

my cash flow is great, so i'll want to invest probably 2k a month, so the IFA would be ideal I think..

Definitely. Be careful who you appoint though. There are some sharks out there. Here are some tips to get you going: https://www.telegraph.co.uk/finance/personalfinance/money-saving-tips/3108972/IFAs-How-to-choose-an-Independent-Financial-Adviser.html. Old article but still good advice