Is my money safe over £85,000?

JonnyMC

I am an executor for my late mothers estate.

She had an investment which is being liquidated and I should receive the funds this week, around £295,000.

I need to put those funds in a bank account until the funds are ready to be distributed.

Is there a temporary account I can put them in where they will be fully protected or will I have to split the money between a few different banks as I will not be covered for amounts over £85000 if that bank collapses?

I contacted Lloyds and they said that the £85,000 limit still applies.

Thanks for any replies.

sheramber

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

tacpot12

It appears that Lloyds are wrong, and that the FSCS will protect the balance for a maximum of six month. Have a read of this link: Temporary high balances | Check your money is protected | FSCS

It specifically mentions the proceeds of a deceased's estate held by their personal representative.

If you think it will take longer than six months to collect and distribute all of the estate monies, you might need to split the money between accounts to get FSCS protection. 

SiliconChip

Lloyds are wrong, the money is protected (up to £1 million for up to 6 months) under the temporary high balance rules.

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

soulsaver

If you are worried, put it in NSI savings. Backed by the treasury; some say unlimited protection, some say £2million..

JonnyMC

soulsaver said:

If you are worried, put it in NSI savings. Backed by the treasury; some say unlimited protection, some say £2million..

That is where it will go, many thanks.