Were to put large amount of money?

sheslookinhot

Bigwheels1111 said:

I wish everyone would stop looking at the 85k limit for protection.

85k is great, what about your interest ?.

5 year fixed rate Gatehouse bank. Interest paid away each year.

85k + 5.5% a year is £4675.00.

85k SAFE, £4675.00 at risk.

So think about it.

Tax ?.

Will you pay any, who earns more etc.

Don’t let your feathers be ruffled. I’m sure the OP is aware of the rules around the 85k. One simple answer is to remove the interest to another account.

Bigwheels1111

sheslookinhot said:

Bigwheels1111 said:

I wish everyone would stop looking at the 85k limit for protection.

85k is great, what about your interest ?.

5 year fixed rate Gatehouse bank. Interest paid away each year.

85k + 5.5% a year is £4675.00.

85k SAFE, £4675.00 at risk.

So think about it.

Tax ?.

Will you pay any, who earns more etc.

Don’t let your feathers be ruffled. I’m sure the OP is aware of the rules around the 85k. One simple answer is to remove the interest to another account.

That is not what I’m getting at.
Stick 85k in a savings account. It’s safe.
Bank goes under, bye bye interest as is over the 85k. A £4675 loss.
80k max per account covers you both ways.

Saffasaver

thank you everyone's comments. Lots to think about.