Various savings accounts 29 August 2019 at 11:22AM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 2 replies 626 views

Bazooka_joe

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.

BoGoF

NS & I give full protection I believe.

Other than that you need to spread your money.

eskbanker

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?