We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Keeping a large amount from house sale safe?
Options

DartsPro1998
Posts: 1 Newbie
Hi all,
My mother has sold her house and the house she is buying is in the process of being built, so as such the money for her house sale will be in the bank for a few months while she stays with us.
We are quite savvy with cyber security and whatnot, but because it is such a large amount of money we obviously want to be particularly careful.
She has two bank accounts so first things first we were going to split the money between them, then also thought about maybe putting some in my bank account and some in my sisters (The amounts would all be under the 85k needed for the FSPC, though I understand they cover for more in house sale situations).
Then I thought about transferring the amounts into at least a saver account linked to the bank, rather than the current account itself, so there is an extra hoop for a proverbial hacker to jump through.
We'll have 2 step authentication and spending alerts on each account.
Does anybody know of any ways we can get a bank to essentially 'freeze' an amount of money so that it would be impossible to spend it in a certain time period? Or setting a limit on how much can be spent or transferred in one go? I will be asking this at the relevant banks, but so far haven't seen much info on it.
Basically with such a large amount of money in the bank I am looking for as many ways as I can to make it very hard to spend/transfer the money in the months leading up to the purchase. Can anyone recommend anything beyond what I am doing?
(Btw its scammers I am fearing with regards to these measures, not my mother's spending habits)
My mother has sold her house and the house she is buying is in the process of being built, so as such the money for her house sale will be in the bank for a few months while she stays with us.
We are quite savvy with cyber security and whatnot, but because it is such a large amount of money we obviously want to be particularly careful.
She has two bank accounts so first things first we were going to split the money between them, then also thought about maybe putting some in my bank account and some in my sisters (The amounts would all be under the 85k needed for the FSPC, though I understand they cover for more in house sale situations).
Then I thought about transferring the amounts into at least a saver account linked to the bank, rather than the current account itself, so there is an extra hoop for a proverbial hacker to jump through.
We'll have 2 step authentication and spending alerts on each account.
Does anybody know of any ways we can get a bank to essentially 'freeze' an amount of money so that it would be impossible to spend it in a certain time period? Or setting a limit on how much can be spent or transferred in one go? I will be asking this at the relevant banks, but so far haven't seen much info on it.
Basically with such a large amount of money in the bank I am looking for as many ways as I can to make it very hard to spend/transfer the money in the months leading up to the purchase. Can anyone recommend anything beyond what I am doing?
(Btw its scammers I am fearing with regards to these measures, not my mother's spending habits)
0
Comments
-
Dont do online banking if you think its not safe. Never had an issue ever.Censorship Reigns Supreme in Troll City...0
-
https://www.nsandi.com/our-products
However much you invest, all of your money is 100% safe with us as we're backed by HM Treasury.
Had she thought of holding the lot in NS&I Income Bonds?
https://www.nsandi.com/income-bonds0 -
You needn't split the amount if its only for a few months, as the FSCS covers up to £1M for temporary balances for up to six months.
https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/
Fundamentally all the scams rely on you giving up details - so have your wits about you! The banks can't do anything about you walking in, or calling and asking for the money because a scammer fooled you into doing that.0 -
Be aware that if you put the money in your account or your sisters that it will belong to you and thus will affect any income based benefits you receive.Please do not quote spam as this enables it to 'live on' once the spam post is removed.
If you quote me, don't forget the capital 'M'
Declutterers of the world - unite! :rotfl::rotfl:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.6K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.6K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards