Large amount of money safe for short duration

pacemaker1000

Hi,
selling house and a delay while buying new one of about 6 weeks.
where can I put money safely and earn interest?
I would need 4 joint accounts if allowing for FSFC protection. But given online banking limits transfers to small amounts would take ages to transfer amount in and back out again ready for purchase.
I bank with HSBC which is where it will go initially and their interest rates are criminally low. Plus would worry of no protection on this amount of money
i know it’s a nice problem to have but also worrying 

Futuristic

You actually have 6 months protection up to £1m if you sold your primary residence.

Your only option is to move them across different easy/instant access savers but 6 weeks is not that long of a time and may not be worth the hassle depending on the amount. 

PauletteH

You have 6 months temporary high balance FSCS protection 

pacemaker1000

Is there a savings account that offers this protection?

xylophone

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


https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

wmb194

Or you could just deposit it all with NS&I i.e. fully government backed and essentially a pseudo gilt.

TiVo_Lad

Be aware that the temporary high balance protection offered by the FSCS is NOT automatic, unlike the £85K per person (£170K joint) protection which normally pays out in about a week. You have to claim against the scheme for temporary high balance cover and it is entirely at the discretion of the scheme whether your claim is paid out or not. Claims can also take several months to pay out if successful. If you rely on the temporary high balance protection you run the risk of either losing your money entirely if the scheme rejects your claim, or you're left in limbo while your claim is assessed. Make sure you consider those points before deciding what to do.

masonic

TiVo_Lad said:

Be aware that the temporary high balance protection offered by the FSCS is NOT automatic, unlike the £85K per person (£170K joint) protection which normally pays out in about a week. You have to claim against the scheme for temporary high balance cover and it is entirely at the discretion of the scheme whether your claim is paid out or not. Claims can also take several months to pay out if successful. If you rely on the temporary high balance protection you run the risk of either losing your money entirely if the scheme rejects your claim, or you're left in limbo while your claim is assessed. Make sure you consider those points before deciding what to do.

Has a claim ever been made under the temporary high balance regime? It was introduced after the last retail bank failure. I believe only credit unions have failed holding consumer deposits since then, and it seems unlikely they would have been holding >£85k of anyone's cash.

Aretnap

pacemaker1000 said:

Is there a savings account that offers this protection?

Any account with standard FSCS protection offers it (subject to the caveats above).

GeoffTF

HSBC is one of the safest banks. NS&I is also a sensible option.

kaMelo

masonic said:

TiVo_Lad said:

Be aware that the temporary high balance protection offered by the FSCS is NOT automatic, unlike the £85K per person (£170K joint) protection which normally pays out in about a week. You have to claim against the scheme for temporary high balance cover and it is entirely at the discretion of the scheme whether your claim is paid out or not. Claims can also take several months to pay out if successful. If you rely on the temporary high balance protection you run the risk of either losing your money entirely if the scheme rejects your claim, or you're left in limbo while your claim is assessed. Make sure you consider those points before deciding what to do.

Has a claim ever been made under the temporary high balance regime? It was introduced after the last retail bank failure. I believe only credit unions have failed holding consumer deposits since then, and it seems unlikely they would have been holding >£85k of anyone's cash.

None that I'm aware of on both counts. Excluding credit unions I know of no instance for any amount when FSCS cover has been used on a UK regulated bank or building society.