Temporary high balance in a bank account safety

eskbanker

Abzinthe said:

I know during the Pandemic the banks / FSCS was protecting funds for £1m during that period.

The only change during the pandemic was that the maximum duration of the £1m THB protection was temporarily extended from six months to a year, but its value and criteria weren't altered....

GrubbyGirl_2

You'll be fine for 2 weeks in one of the big banks.  You're far more likely to be scammed into paying the money into a fake solicitors account as it's happened to others.  It was happening quite a lot when I bought my house and my solicitor warned me.  Make sure you get the bank details directly from the solicitor and if sent by post or email ring them up and confirm them.  

https://www.which.co.uk/news/article/friday-afternoon-fraud-the-scam-that-wipes-out-your-house-deposit-in-seconds-aczyy9J2tFkK

Shakin_Steve

GrubbyGirl_2 said:

You'll be fine for 2 weeks in one of the big banks.  You're far more likely to be scammed into paying the money into a fake solicitors account as it's happened to others.  It was happening quite a lot when I bought my house and my solicitor warned me.  Make sure you get the bank details directly from the solicitor and if sent by post or email ring them up and confirm them.  

https://www.which.co.uk/news/article/friday-afternoon-fraud-the-scam-that-wipes-out-your-house-deposit-in-seconds-aczyy9J2tFkK

This is good advice. I actually phoned the solicitors clerk and asked him to check the bank account as I did a faster payment, it credited instantly.