£85000 bank account protection.

youth_leader

@SandyN21,  I've just had notice from Marcus of the rise in interest to 3%, it's good not have all your 'eggs in one basket'.  I don't like NS&I because of the uncertainty of when transferred money will arrive. 

diystarter7

Camping said:

I've just discovered that in a " Life Change Event" such has selling your house or receiving Inheritance,your account is protected up to £1000000 for 6 months.
This is useful to know you have upto 6 months to sort your finances and have your savings protected.

Hi

That is indeed a fact. I posted about the 85k FSCS limits and how licences can effect the 85k.
I think I posted a link from MSE  - re all of this, will try and find it

Thnaks

diystarter7

ps

just looked it up and i quote

If you hold money with a UK-authorised bank, building society or credit union that fails, we’ll automatically compensate you.

• up to £85,000 per eligible person, per bank, building society or credit union.
• up to £170,000 for joint accounts.

We protect certain qualifying temporary high balances up to £1 million for 6 months from when the amount was first deposited.

https://www.fscs.org.uk/what-we-cover/

Thnaks

diystarter7

ProDave said:

This was covered in another thread.  It does NOT cover the proceeds of selling a house that was not your main residence, i.e a buy to let.

Then consider NS&I

Thnaks

https://www.fscs.org.uk/what-we-cover/

SandyN21

youth_leader said:

@SandyN21,  I've just had notice from Marcus of the rise in interest to 3%, it's good not have all your 'eggs in one basket'.  I don't like NS&I because of the uncertainty of when transferred money will arrive. 

My accounts are also with SAGA, Ford, Marcus, Virgin E Bond, Virgin Saver linked with debit a/c, Barclays Rainy Day, Tesco and then max holding of Premium Bonds. 

The large amount in NS&I is to show as proof of funds as a cash buyer for my next home...which means I don't have to show all my other accounts as proof.