460k for 5 months!

Andrew68

Folks, hope all is well. 

I’m back with an update and for more advice from you bank wizards! 

We have a date to move in to our new house. 6th Sept but it means our money is going beyond the 6 months protection as of the end of tomorrow!!!
we have set up other bank accounts for my wife solely because I would be taxed on the interest whereas my wife is not working currently. 

By the way, she got her tax rebate last week of £420 (which someone on this thread predicted months ago!) 
mine was £183 which was predicted as well I believe. 

So, accounts set up with; monument, virgin, chase, Oxbury (all the 431k is currently in there) 
& Yorkshire building society. 

We tried others but the problem has been that we have had to move addresses twice because we are staying in air bnbs.
It’s been a challenge to say the least!
Banks want ID with her current address on them and we only have one bank statement from the Santander. 

These banks above are the best ones we could get opened up with the best rates. 

Combined rate across all 5 banks of 4.88%. 

So, we now need to start splitting the money ASAP! 

Oxbury - where all the money is only allow us x1 linked account online so we need to call them tomorrow and hopefully get them to set up a new payee for the banks I have listed above. 

Do folks think this is possible and reasonable ? 

Secondly, obviously, it looks like we are not going to have these funds split up between the bank accounts before our 6 months expires on 1st August.
what could possibly happen ? 

Oxbury bank gets into difficulties financially ? 

What are the realistic odds of that happening folks. ?
(surely it would mean we are having a banking crisis/meltdown because it wouldn’t be isolated to one bank ? 

Appreciate your input and thoughts on my too long post! 🙏🏻

Andrew68

Ps; our grand plan was to set up NS&i and we have tried and they are processing our application but said today on the phone, they are taking 5 days to process stuff like our request.
they seem very amateur compared to the other banks…
so NS&i is still possible but we would need to hold it in oxbury until they process the application and we are not protected ! 

eskbanker

Andrew68 said:

Oxbury - where all the money is only allow us x1 linked account online so we need to call them tomorrow and hopefully get them to set up a new payee for the banks I have listed above. 

Do folks think this is possible and reasonable ?

If Oxbury only allow one linked account then I think you're likely to struggle to shift £431K out to multiple different accounts in a hurry, but see what they say.

Andrew68 said:

Secondly, obviously, it looks like we are not going to have these funds split up between the bank accounts before our 6 months expires on 1st August.
what could possibly happen ? 

Oxbury bank gets into difficulties financially ? 

What are the realistic odds of that happening folks. ?
(surely it would mean we are having a banking crisis/meltdown because it wouldn’t be isolated to one bank ? 

Personally I think it's far more likely that an individual small bank would encounter financial difficulties (e.g. Metro's problems) than a massive industry-wide crisis, but no point in dwelling on that really - you are where you are, and realistically can't change anything, so just need to proceed on the assumption that all is well....

Andrew68

eskbanker said:

Andrew68 said:

Oxbury - where all the money is only allow us x1 linked account online so we need to call them tomorrow and hopefully get them to set up a new payee for the banks I have listed above. 

Do folks think this is possible and reasonable ?

If Oxbury only allow one linked account then I think you're likely to struggle to shift £431K out to multiple different accounts in a hurry, but see what they say.

Andrew68 said:

Secondly, obviously, it looks like we are not going to have these funds split up between the bank accounts before our 6 months expires on 1st August.
what could possibly happen ? 

Oxbury bank gets into difficulties financially ? 

What are the realistic odds of that happening folks. ?
(surely it would mean we are having a banking crisis/meltdown because it wouldn’t be isolated to one bank ? 

Personally I think it's far more likely that an individual small bank would encounter financial difficulties (e.g. Metro's problems) than a massive industry-wide crisis, but no point in dwelling on that really - you are where you are, and realistically can't change anything, so just need to proceed on the assumption that all is well....

Didn’t know about the metro issues - eeekkk ! 

Ok…calling oxbury tomorrow first thing but we obviously prefer that NS&i come through for us and approve our application because when the developer wants his money in 5 weeks time it’s going to be a nightmare to have to transfer from 5 different accounts rather than just one account at NS&i