moving large sum into bank accounts

Archi_Bald

NS&I only accept transfers in from bank accounts in your own name (see their website). Meaning you will have to channel your money through your current account(s).

badger09

CAVEAT I'm not an expert on FSCS temporary high balance cover, but I'm confident the 'Inheritance' category doesn't apply 6 years after the event!

However, FSCS website does mention property purchase as well as property sale. I think this is to cover the situation where someone needs to gather more than £85k in one account before transferring to solicitor/conveyancer (though presumably this could be avoided by transferring in 2 or more smaller sums)

NS&I Income Bonds could be used for the whole amount, BUT they can only be bought by debit card or cheque from a bank account in your name, so its not possible to have a direct payment to NS&I from the company holding the investment. Could you ask them to make 2 separate payments, to different accounts, or to one account on consecutive days? Otherwise, watch your bank account like a hawk and as soon as the credit appears, buy your Income Bonds, so the money is in your account for a very short time.

It might be an idea to warn your bank of a large incoming deposit, but as most security checks are automated, this is unlikely to have any effect.

Finally, you'd have to be incredibly unlucky for your bank to go bust on the very day your funds are credited  

polymaff

JeffMason said:

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?

Now he mentions it! There are so many circumstances that are only slowly oozing out.  For instance "had it" - that begs questions-a-plenty.

jonesMUFCforever

OP are you not over complicating the issue?
Presumably you only have the same level of FSCS cover with St James as you would with a high street bank?
Why is one more secure than the other in your mind?

Archi_Bald

Investments have different FSCS covers to deposits

jonesMUFCforever

Archi_Bald said:

Investments have different FSCS covers to deposits

Unless I have misread the website the compensation maximum for investments is £85k the same as for a bank account.

Archi_Bald

jonesMUFCforever said:

Archi_Bald said:

Investments have different FSCS covers to deposits

Unless I have misread the website the compensation maximum for investments is £85k the same as for a bank account.

Whilst compensation limits are the same, money you hold in the actual investment (investment bonds via SJP in the case of the OP) is most unlikely to be covered. Bonds aren't normally regulated by the FCA, which would exclude them from FSCS cover. Once the bonds are sold by SJP, and SJP holds the money, the money would be covered up to £85K as SJP are FCA regulated.

JeffMason

polymaff said:

JeffMason said:

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?

Now he mentions it! There are so many circumstances that are only slowly oozing out.  For instance "had it" - that begs questions-a-plenty.

I didn't know what I should mention. I didn't know it made any difference how long I'd had money or not or where it came from etc. I'm just making sense of this as I go...

JeffMason

jonesMUFCforever said:

OP are you not over complicating the issue?
Presumably you only have the same level of FSCS cover with St James as you would with a high street bank?
Why is one more secure than the other in your mind?

I'm trying to get it away from them. It's currently in a bond and the amount is fluxuating all over the place. I want it out so I know how much I have to work with and it wont suddenly drop in value.

JeffMason

Archi_Bald said:

jonesMUFCforever said:

Archi_Bald said:

Investments have different FSCS covers to deposits

Unless I have misread the website the compensation maximum for investments is £85k the same as for a bank account.

Whilst compensation limits are the same, money you hold in the actual investment (investment bonds via SJP in the case of the OP) is most unlikely to be covered. Bonds aren't normally regulated by the FCA, which would exclude them from FSCS cover. Once the bonds are sold by SJP, and SJP holds the money, the money would be covered up to £85K as SJP are FCA regulated.

It still needs to not be in a bond anymore. Maybe they could put in a bank account for me? I know they have that as I've been offered a bank account with them before.