Various savings accounts

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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Bazooka_joeBazooka_joe Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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.

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  • BoGoFBoGoF Forumite
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    NS & I give full protection I believe.

    Other than that you need to spread your money.
  • edited 29 August 2019 at 11:33AM
    eskbankereskbanker Forumite
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    edited 29 August 2019 at 11:33AM
    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?
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