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Multiple FSCS Protected Accounts

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    Multiple FSCS Protected Accounts

    Hi Guys,

    I have built up a nice pot of cash in my current business bank account (>75k).
    I'm looking to be more protected on these funds and looking for advise on an alternative bank account in which i can send some money to in order to receive the 75k protection per institute.

    Currently i bank with HSBC could anyone recommend another bank / saver which isn't within the HSBC institute ?

    Thanks

    #2
    Originally posted by eddie1507 View Post
    Hi Guys,

    I have built up a nice pot of cash in my current business bank account (>75k).
    I'm looking to be more protected on these funds and looking for advise on an alternative bank account in which i can send some money to in order to receive the 75k protection per institute.

    Currently i bank with HSBC could anyone recommend another bank / saver which isn't within the HSBC institute ?

    Thanks
    There are lots of accounts which you can use. For example;

    Aldermore
    Cambridge & Counties Bank
    Kent Reliance
    State Bank of India

    If you want better interest rate, then I would recommend P2P companies like;

    Ratesetter
    Zopa
    Assetzcapital

    Comment


      #3
      Forgot to mention that you need to avoid P2P companies if you need FSCS protected accounts.

      Comment


        #4
        How much of that money will you owe to HMRC? It may be worthwhile paying them early (you'll get 3% interest) and then you don't need to protect it. Might take you sufficiently below the £75k to not worry about it.
        See You Next Tuesday

        Comment


          #5
          Originally posted by Lance View Post
          How much of that money will you owe to HMRC? It may be worthwhile paying them early (you'll get 3% interest) and then you don't need to protect it. Might take you sufficiently below the £75k to not worry about it.
          Good thinking the amount of profit after all corp payments will still be quite alot over >75k

          Comment


            #6
            Just to add that it's likely to be 85k again within the next month or so.

            Comment


              #7
              It's been a long time since HMRC paid 3% on early tax payments - the rate is currently 0.5%

              Aldermore do customisable fixed term accounts - I use one of those setting the maturity date to a week before my corporation tax deadline.

              Comment


                #8
                Originally posted by dingdong View Post
                It's been a long time since HMRC paid 3% on early tax payments - the rate is currently 0.5%

                Aldermore do customisable fixed term accounts - I use one of those setting the maturity date to a week before my corporation tax deadline.
                Thanks for the heads up...didn't know they offered that customised date - I keep a rolling 6 month fixed account to house corporation tax - is it a minimum of 6 months - max of 11 months? Otherwise you use 12 month fixed...


                **EDIT**
                Ignore me - just logged into my account online...term is "From 60 days to 5 years"
                Last edited by DelboyTrotter; 16 January 2017, 09:16. Reason: Searched the answer

                Comment


                  #9
                  Coming to this party a little late. Indeed I had created a whole new thread on this topic but bearing in mind it is all here, just a couple of questions.

                  1. Do people here make a point of keeping a max of £85k in separate FRN registered bank accounts? Or do we not really give a damn?

                  2. Presumably, if people do give a damn and do shift funds around, then they perform all the FRN searches on the FCA Register to ensure one bank is not a sister of another bank, thereby negating the whole £85k per Name per Bank?

                  Thanks in advance.

                  Comment


                    #10
                    Originally posted by simes View Post
                    Coming to this party a little late. Indeed I had created a whole new thread on this topic but bearing in mind it is all here, just a couple of questions.

                    1. Do people here make a point of keeping a max of £85k in separate FRN registered bank accounts? Or do we not really give a damn?

                    2. Presumably, if people do give a damn and do shift funds around, then they perform all the FRN searches on the FCA Register to ensure one bank is not a sister of another bank, thereby negating the whole £85k per Name per Bank?

                    Thanks in advance.
                    1. Certainly in the last few years I've opened up new deposit accounts to avoid individual balances exceeding £85k.
                    2. Yes. Or check sites like MoneysavingExpert who have a tool to check this

                    Comment

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