How to get cash into current account?

Early_Retire_Free

We are buying a house for cash with the money sitting in various savings accounts, all sitting individually under the FSCS limit.

In order to buy the house we will first have to transfer the money to our current account resulting in it being temporarily significantly over the FSCS protection limit. We are talking over £1 million.

How do we avoid this (however small) risk?

user1977

You don't need to as the limit is £1.4m if it's close enough to a property transaction:

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

Rodders53

Plan A. Transfer money to Conveyancing Solicitor's Holding Account in dribs and drabs from your existing accounts?

Note the major risk then is the Solicitor's Bank failing.

Plan B. Transfer monies to the NS&I so Govt backed and no £1M limit.

Major risk then will be timescale to transfer from there to Solicitors… NS&I tend to use BACS (slow),

Plan C. Remember the FSCS limit is £120k per Institution and temporary life event limit (house sale/purchase?/inheritance) of £1.4M now. That is per person if buying with someone else.

Temporary high balances | Check your money is protected | FSCS