Where to put £90,000 so it is protected under FSCS Instant Access/Current accounts only

whitesmith

Yes NS&I (the same place you have the premium bonds) is backed by HM Treasury and you will be protected up to £2 million per person.

Log onto the NS&I account where the Premium Bonds are, and then open a Direct Saver - you will get a 'direct saver account number' which you use in the 'reference' field of faster payments from your current account to send money there (use the NS&I generic sort code and account number). If unsure please post again. 

Alternatively you can call them and put money in by debit card.

phillw

SusanSpain said:

He is already with:

Halifax, Post Office, Nat West, Nationwide

He would prefer a high street type bank where he can walk in and not online (he is suspicious of internet banking.)
We do have a Lloyds bank & an HSBC in our local town and I think there is also branches of:

Barclays, Cheltenham & Gloucester.

There is also a Santander, but he closed all his accounts with them for some reason and refuses to go back.

AFAIK none of those are in the same group as each other, so I'd go into all of those and ask what their best options are (or you could phone or look on their web site).

If he's not capable himself of walking in and opening an account by himself then you'll need to take in a registered financial LPA.

You can mess around with regular savers and club lloyds for a few extra pounds a month, but it's not worth the bother if you're not operating the accounts online. For example club lloyds charges you a £3 fee if you don't pay £1500 a month into the account, which you would then want to transfer out again as they only pay you interest on the first £5000 (approximately £6.25 a month). You can setup standing orders to move the money round, but at some point it will go wrong and you'll have to go into the branch to sort it out.

I enjoy the game, but it's my time and money & it's all done from my phone.
He has chosen to forgo interest by having instant access and the cost of running counter services at the bank. There is very little you can actually do, there won't be much difference between the best and worst account available to him and it could change rapidly.

whitesmith

Just to clarify - if your father wants to go down the NS&I route:

1. if you already have NS&I logon details, then log on and you will see your premium bonds. There will be a button to apply for a direct saver. 

2. if you haven't ever logged on or created a NS&I online account then first register here (to get logon details) - you will need to input your premium bond holders number:

https://www.nsandi.com/online-registration

You will be able to see your total holdings (Premium bonds + direct saver balance) on the same screen

colsten

SusanSpain said:

Whitesmith… Is this because NS&I is a government based bank? Please can you adivse more.

He has at least £40k of premium bonds, which pay out now and again and I noticed this is NS&I, is this the same thing?

Would Income Bonds or Direct Saver be the better product for him? I see there is also an Investment Account.

NS&I is not a bank but an institution backed by the Treasury. Deposits with NS&I are safe up to the limits in each of the accounts, i.e. £50k in PBs, £2m in Direct Saver etc etc. https://www.nsandi.com/

Don't get confused by the "investment" in NS&I, and by them using 'investing' when they mean 'saving'. None of their account are investments, they are all savings, without exception. With NS&I deposits, there is no risk (other than inflation) to the capital. Your father can totally safely deposit his entire £300k in there , without worrying about the £85K limit. He will get !!!!!! interest (once their rates drop in the next few weeks, as announced), but he will get !!!!!! interest everywhere else, too, for the foreseeable future. NS&I interest is just more !!!!!! than many other places, but this might be outweighed by the safety of the entire sum in a single place.

NS&I has another drawback, as already mentioned: your father cannot "walk in". It's online only. But it's the safest place he can get without splitting his money across several places.

Owain_Moneysaver

badger09 said:

steampowered said:

It is important to have a healthy attitude to risk. Don't search for zero risk- it's impossible. Inflation is eroding his capital each year, for example.

How much 'long term' do you think OP's 90 year old father has?

If in good health, potentially another 20 years. 
Which makes £300k spendable at about £15k per year, which doesn't go very far if care is needed. Or luxury cruises are wanted. 

colsten

whitesmith said:

Yes NS&I (the same place you have the premium bonds) is backed by HM Treasury and you will be protected up to £2 million per person.

NS&I is more than £2m per person. Each person can have up to £2m in a Direct Saver, £50K in PBs, £1m in Income Bonds, and even an unlimited amount in their ISA [though limited to annual max deposits]. 

colsten

colsten said:

SusanSpain said:

Whitesmith… Is this because NS&I is a government based bank? Please can you adivse more.

He has at least £40k of premium bonds, which pay out now and again and I noticed this is NS&I, is this the same thing?

Would Income Bonds or Direct Saver be the better product for him? I see there is also an Investment Account.

NS&I is not a bank but an institution backed by the Treasury. Deposits with NS&I are safe up to the limits in each of the accounts, i.e. £50k in PBs, £2m in Direct Saver etc etc. https://www.nsandi.com/

Don't get confused by the "investment" in NS&I, and by them using 'investing' when they mean 'saving'. None of their account are investments, they are all savings, without exception. With NS&I deposits, there is no risk (other than inflation) to the capital. Your father can totally safely deposit his entire £300k in there , without worrying about the £85K limit. He will get !!!!!! interest (once their rates drop in the next few weeks, as announced), but he will get !!!!!! interest everywhere else, too, for the foreseeable future. NS&I interest is just more !!!!!! than many other places, but this might be outweighed by the safety of the entire sum in a single place.

NS&I has another drawback, as already mentioned: your father cannot "walk in". It's online only. But it's the safest place he can get without splitting his money across several places.

In case you were wondering what the !!!!!! means: the MSE Forum software changed the word s h i t e into !!!!!!

xylophone

How much 'long term' do you think OP's 90 year old father has?

He could well live beyond 100......

DiddyDavies

NottinghamKnight said:

Which banks allow access without PoA just curious.

Santander definitely allow it as I'm registered for 3rd party access for my mother's account held with them.

RG2015

colsten said:

colsten said:

SusanSpain said:

Whitesmith… Is this because NS&I is a government based bank? Please can you adivse more.

He has at least £40k of premium bonds, which pay out now and again and I noticed this is NS&I, is this the same thing?

Would Income Bonds or Direct Saver be the better product for him? I see there is also an Investment Account.

NS&I is not a bank but an institution backed by the Treasury. Deposits with NS&I are safe up to the limits in each of the accounts, i.e. £50k in PBs, £2m in Direct Saver etc etc. https://www.nsandi.com/

Don't get confused by the "investment" in NS&I, and by them using 'investing' when they mean 'saving'. None of their account are investments, they are all savings, without exception. With NS&I deposits, there is no risk (other than inflation) to the capital. Your father can totally safely deposit his entire £300k in there , without worrying about the £85K limit. He will get !!!!!! interest (once their rates drop in the next few weeks, as announced), but he will get !!!!!! interest everywhere else, too, for the foreseeable future. NS&I interest is just more !!!!!! than many other places, but this might be outweighed by the safety of the entire sum in a single place.

NS&I has another drawback, as already mentioned: your father cannot "walk in". It's online only. But it's the safest place he can get without splitting his money across several places.

In case you were wondering what the !!!!!! means: the MSE Forum software changed the word s h i t e into !!!!!!

There might be a good reason for the MSE Forum software to do this