Managed Cash Deposits,,,what are they?

Alexland

Kayserrant wrote: »

Thanks firestone. I like the point you made about watching the initial amount you put in so its not over the fscs amount before its distributed.

Even then they might still have access to manage and withdraw. If you want to spread around your money then it's best to do it yourself with institutions you feel comfortable with.

Alex

firestone

think the likes of HL & Octopus are legit institutions and the partner banks such as Aldermore and Charter bank etc must be happy with how the product is run from a compliance point of view.And would double check the T&C's with the protection angle but would assume the likes of the FCA are happy on how its set up (or do they not get involved till there's an issue?)

Zanderman

Kayserrant, you don't say whether your cash is from a house sale or similar or not but,if it is, I assume you're aware that the FSCS protection has a 6 month provision for temporary high balances? Details here: https://www.fscs.org.uk/your-claim/temporary-high-balances/

Might not be relevant to you at all but thought it might be worth mentioning.

Includes:

FSCS protects temporary high balances in your bank account of up to £1million for up to six months.

Certain life events could have caused a temporary high balance in your bank account, including:

Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only).
Benefits payable under an insurance policy.
Personal injury compensation (unlimited amount).
Disability or incapacity (state benefits).
Claim for compensation for wrongful conviction.
Claim for compensation for unfair dismissal.
Redundancy (voluntary or compulsory).
Marriage or civil partnership.
Divorce or dissolution of their civil partnership.
Benefits payable on retirement.
Benefits payable on death.
A claim for compensation in respect of a person's death.
Inheritance.
Proceeds of a deceased's estate held by their personal representative.