Savings Protection

icenine

Hi Folks, It's my first post so apologies if this has already been covered or i'm posting in the wrong place etc.

I've just flogged my house and put the money in the bank and was wondering how best to protect it in that I'd need more than a few accounts if it was divided by the 35k you are insured against.

Is there a sensible limit for the number of accounts to spread your savings into?

Thanks

[Deleted User]

I'd guess it was really up to personal preference and how organised you think you could be. I've read posts on here of people having 15+ savings accounts / fixed term bonds etc. however that's a lot of paper work for me

tradetime

Is there a sensible limit for the number of accounts to spread your savings into?

How long is a piece of string? It really boils down to how much you want to manage. If you don't need access to the money for a while, I'd suggest fixed rate accounts, this will save you having to constantly monitor the interest rates and possibly feel the need to move money around, (assuming you spreading it around) also if spreading around make sure the banks you choose are truely separate institutions.
http://www.moneysavingexpert.com/savings/safe-savings#whatcounts