Plum or Halifax

Madcrazyhouse

Hi there MSE group. Newbie here. I am just about to inherit £180k from the passing of my dad. I save using Plum, I find it has been the only way I’ve managed to save. My question is will £180k be safe in Plum or should I keep it in my normal Halifax current account please. Any investment ideas welcome too. 

Thanks 

grumiofoundation

Normally you are only protected up to 85k per institution but FSCS gives temporary protection of up to 1million for 6 months. 

https://www.fscs.org.uk/how-we-work/claims-process/temporary-high-balances/

After that your options are to split the money so you have no more than 85k per institution or go with NS and I (guaranteed by treasury) which will protect the full amount. 

I believe your primary wallet with plum is not FSCS protected but any savings you hold via plum with other providers are FSCS protected. 

Regarding investing which investments and tax wrappers are (likely) suitable will depend on your personal circumstances, age, home owner (mortgage?), risk tolerance, pension provision and many more factors.. 

colsten

List of savings rates (most listed providers have FSCS protection): https://moneyfacts.co.uk/savings-accounts/

Madcrazyhouse

Thank you for replying. I couldn’t find my earlier post so posted again sorry. I’m new to this! I’ve had to scroll through 10 pages to find your reply. Is there a way of getting to it straight away? 

So from your advice it would be better to split the money between financial institutions 

colsten

just click on your name, to get to your profile. From there, it's easy to find your posts.

Steve182

Sorry to hear of your loss.
To keep that sum in an account paying low interest in the long term may not be your best option. Most here would look to invest it make it work for them, but that involves some risk, so a lot more info is required to understand your best options for investment, such as...
Age
Income
Mortgage
Pension situation
Savings
etc etc