We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Various savings accounts

Bazooka_joe
Posts: 15 Forumite

Sorry if this is a duplicate post but I am new here and the site keeps crashing on me. I am a regular saver and maxing out at £85k savings threshold based on the FCS. Is there an alternative to opening up different accounts with various banks and building societies. I do need savings to be instantly available.
0
Comments
-
NS & I give full protection I believe.
Other than that you need to spread your money.0 -
The alternative is NS&I, whose products are protected directly by the Treasury, rather than requiring FSCS coverage.
Their Income Bonds pay 1.15%, so not as competitive as spreading your money over multiple better-paying products, but that's the price you'd pay for the convenience of not having to do so:
https://www.nsandi.com/income-bonds
Probably also worth considering if you really need more than £85K worth of cash all to be instantly accessible, as this would be pretty unusual....
Edit: seeing the reference to various savings accounts in your title, do you mean that you have multiple accounts, each approaching £85K, or collectively doing so? If the latter, you do realise that the FSCS coverage is £85K per institution?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards