moving large sum into bank accounts

General_Grant

pem said:

Have you explained the situation to the bank you want to transfer the money into ?
they will advise If there is any problem and advise how to proceed.
note The FSCS (financial services Compensation Scheme) only protects sums up to £85,000 per person if the bank goes belly up

I think that aspect has been dealt with in the first response to the OP.

Old_Lifer

When you ask to surrender  the bond  or make a partial withdrawal,   you should receive some documentation.    If the bank asks , show  them that.    If  payment is  not made by cheque   but is paid direct into your account,  the bank will presumably  be aware that it has come  from a financial institution.

JeffMason

pem said:

Have you explained the situation to the bank you want to transfer the money into ?
they will advise If there is any problem and advise how to proceed.
note The FSCS (financial services Compensation Scheme) only protects sums up to £85,000 per person if the bank goes belly up

I haven't spoken to them as yet. I didn't know I needed to, that was the kind of thing I was trying to figure out with this post. I will definitely talk to them now though. 

And, I was going to spread the money over two accounts but somebody else already told that amounts up to a million will be covered by FSCS in a bank account for up to six months.

JeffMason

Old_Lifer said:

When you ask to surrender  the bond  or make a partial withdrawal,   you should receive some documentation.    If the bank asks , show  them that.    If  payment is  not made by cheque   but is paid direct into your account,  the bank will presumably  be aware that it has come  from a financial institution.

I think it will be a direct transfer, but thank you - that's good to know!

Archi_Bald

JeffMason said:

And, I was going to spread the money over two accounts but somebody else already told that amounts up to a million will be covered by FSCS in a bank account for up to six months.

The £1m cover only applies for a limited number of situations https://www.fscs.org.uk/how-we-work/temporary-high-balances/

JeffMason

Archi_Bald said:

JeffMason said:

And, I was going to spread the money over two accounts but somebody else already told that amounts up to a million will be covered by FSCS in a bank account for up to six months.

The £1m cover only applies for a limited number of situations https://www.fscs.org.uk/how-we-work/temporary-high-balances/

Ah. I read it before, saw property purchase and thought - that’s what I’m doing, perfect! But it doesn’t mean that, does it. It means if the money comes from the sale of a property..? And that’s not where it’ll be coming from, but it is where it’ll be going! 

So I do need to split the money and send to two different bank accounts..? 

This is all very confusing. I just want this to be accessible quickly when I find a place to buy. And I also need to get it out of the bond as the value is constantly fluctuating and I want to cash out so I know exactly how much I’ve got to spend. 

ffacoffipawb

JeffMason said:

Archi_Bald said:

JeffMason said:

And, I was going to spread the money over two accounts but somebody else already told that amounts up to a million will be covered by FSCS in a bank account for up to six months.

The £1m cover only applies for a limited number of situations https://www.fscs.org.uk/how-we-work/temporary-high-balances/

Ah. I read it before, saw property purchase and thought - that’s what I’m doing, perfect! But it doesn’t mean that, does it. It means if the money comes from the sale of a property..? And that’s not where it’ll be coming from, but it is where it’ll be going! 

So I do need to split the money and send to two different bank accounts..? 

This is all very confusing. I just want this to be accessible quickly when I find a place to buy. And I also need to get it out of the bond as the value is constantly fluctuating and I want to cash out so I know exactly how much I’ve got to spend. 

National Savings covered 100% no limit. Their income bonds are competitive too and pretty much instant access.

polymaff

JeffMason said:

Ah. I read it before, saw property purchase and thought - that’s what I’m doing, perfect! But it doesn’t mean that, does it. It means if the money comes from the sale of a property..? And that’s not where it’ll be coming from, but it is where it’ll be going! 

So what about the fscs category "inheritance" ?

JeffMason

polymaff said:

JeffMason said:

Ah. I read it before, saw property purchase and thought - that’s what I’m doing, perfect! But it doesn’t mean that, does it. It means if the money comes from the sale of a property..? And that’s not where it’ll be coming from, but it is where it’ll be going! 

So what about the fscs category "inheritance" ?

Does it still count if I've had it since 2014 though?

JeffMason

ffacoffipawb said:

JeffMason said:

Archi_Bald said:

JeffMason said:

And, I was going to spread the money over two accounts but somebody else already told that amounts up to a million will be covered by FSCS in a bank account for up to six months.

The £1m cover only applies for a limited number of situations https://www.fscs.org.uk/how-we-work/temporary-high-balances/

Ah. I read it before, saw property purchase and thought - that’s what I’m doing, perfect! But it doesn’t mean that, does it. It means if the money comes from the sale of a property..? And that’s not where it’ll be coming from, but it is where it’ll be going! 

So I do need to split the money and send to two different bank accounts..? 

This is all very confusing. I just want this to be accessible quickly when I find a place to buy. And I also need to get it out of the bond as the value is constantly fluctuating and I want to cash out so I know exactly how much I’ve got to spend. 

National Savings covered 100% no limit. Their income bonds are competitive too and pretty much instant access.

Is this the NS&I accounts I've been reading about? Would it be a good idea to tranfer directly into one of those do you think? I should open one now in preperation then...