Splitting investments between 2 providers

rev229

We are planning in investing a large sum of money. However are we best to stay with one provider or split it. Currently we have ISA numerous saving accounts and NS&I but it’s with several banks and needs consolidated.

Keep_pedalling

Do you really mean investments as in equities of some form or is this more cash savings?

luci

rev229 said:

We are planning in investing a large sum of money. However are we best to stay with one provider or split it. Currently we have ISA numerous saving accounts and NS&I but it’s with several banks and needs consolidated.

Is the amount of money over £85000?

Ayr_Rage

It all depends on your definition of LARGE.

For some that is several thousand, for me I would consider over a quarter of a million a large sum.

Post all the details of sums involved in each account and then you'll get some sensible replies.

Albermarle

Having 'large' sums of money with one investment platform, is less of an issue than having the same in savings accounts with a bank.
That assumes the investment platform is a mainstream/well known one.

tacpot12

The advice may also depend on how quickly you need to get access to the money or some of it. If you need a regular monthly income from it, and are reliant on it arriving reliably, splitting it between two providers would give you some insulation from technology problems affecting a single provider.  

Eyeful

1. What amount of money do you consider to be a large sum?

2. Do you actually mean Investing (as in shares) or do you actually mean Savings (as in cash)?

3. Money with NS&I is a loan to the UK government & has 100% protection.

4. The FSCS Savings protection up to £85000 only apples to 
Banks, Building Societies and Credit Unions on the FSCS list.
If its not on that list its not protected.

5. Money in shares is not protected by the FSCS.

6. FSCS Protection:
https://www.fscs.org.uk/check/
  

rev229

£300/400000 don’t need to access it as have any emergency fund and an a fund for day to day needs. We are retired in our late 50’s with occupational pensions which covers all our monthly bills with enough left to cover annual car insurance/home insurance , holidays etc 

dunstonh

We are planning in investing a large sum of money.

a) how large is large?  (context needed as one person's large is another person's small)
b) do you actually mean investing?

Investments can use either the invesment FSCS protection or the insurance FSCS protection depending on the tax wrappers used.   Investment FSCS protection is also multi-layered and splitting providers doesn't necessarily improve FSCS protection in all areas.

Eyeful

rev229 said:

£300/400000 don’t need to access it as have any emergency fund and an a fund for day to day needs. We are retired in our late 50’s with occupational pensions which covers all our monthly bills with enough left to cover annual car insurance/home insurance , holidays etc 

1. You have still to confirm what you mean by investing.

2. Those on this forum understand it to mean putting money into things like
shares,share funds, investment trusts, ETF's & bonds. 

3. Some come here and mention Investing, while actually mean Savings (as in cash).

4. That is why you are being asked to confirm what you are thinking of, Equity(shares) or Savings (cash).

5. Do you hold Cash ISA's or Stocks & Shares ISA's or both?

rev229

Investing in shares/bonds. Currently all in savings accounts some in fixed term high interest linked to current accounts with several banks. 

We have ISA’s and NS&i.
plan to invest in stock /shares , keep an emergency fund and a day to day fund should we need to top up our monthly outgoings .