Won A Million - Clueless

Malthusian

Cotta wrote: »

My initial question would be where should the OP hold the £1 million before it is divided out? Holding it in a current account earning 0% interest where only some of the fund is protected does not seem like a good idea.

NS&I Income Bonds are the automatic recommendation in this situation. 1.15% interest, easy access, as guaranteed as anything gets, and up to £1 million per person.

Interestingly, lottery wins are not listed as one of the situations that gets you "temporary high balance" cover from the FSCS. *edit* Crossposted with Masonic. The list I linked to is apparently not exhaustive ("certain life situations... including") but I wasn't able to find chapter and verse on how a temporary high balance is defined in the legislation or FCA handbook from my cursory Googling. I would be interested to know if Masonic has seen anything more definitive that means lottery wins would be covered.

masonic

Malthusian wrote: »

I would be interested to know if Masonic has seen anything more definitive that means lottery wins would be covered.

No, and based on this I now think gambling is likely to be excluded...

"FSCS will assess and verify THB claims. However, the Prudential Regulation Authority (PRA) has set out the sort of deposits it expects to benefit from THB protection and doesn’t expect lottery wins or gambling wins to fall under any of the categories provided with THB protection under the depositor protection rules."