Transferring funds

stuarthiggins1969

Hi, I recently retired and have a small pension pot. I was going to put a sum of money in a 6 month fixed term savings account from Hampshire Trust Bank as recommended on this website. I have set up everything online and am ready to transfer my lump sum. However, I'm use to going into bank branches and doing it physically so I can see its bonafide. Transferring a large amount by doing everything online doesn't seem right, not being able to verify if my money is going to be secure and get it back. I've spoken to them by phone, looked at the FRN number on the fscs website. I called my existing bank to check if the funds were going to a proper bank. They couldn't verify the account as HTB isn't affiliated to the verification process. Am I overthinking things? 

Albermarle

These smaller savings banks, usually have their bank account with one of the big clearing banks, like Barclays, Nat West etc.
So your payment goes there and then appears in your savings account typically the next working day.

Transferring a large amount by doing everything online doesn't seem right, 

Personally I have transferred, tens of thousands of Pounds many times to different places and never once had a problem. Some prefer to make a small test transaction first. 

As long as you have researched and decided what you want to do, then it will be fine. If you have been cold called/responded to a facebook ad/ too high rates of return on offer then it could be a different matter.

If a savings bank/institution is mentioned in one of the reputable comparison sites, like this one, Best Up To 1 Year Fixed Rate Bonds | Up To 2.20% | moneyfacts.co.uk

Then they will be fine and covered by the FSCS £85K compensation scheme.