Multiple FSCS Protected Accounts Multiple FSCS Protected Accounts
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  1. #1

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    Default 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

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    Quote 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

  3. #3

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

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    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

  5. #5

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    Quote 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

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

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    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.

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    Quote 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; 16th January 2017 at 09:16. Reason: Searched the answer

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    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.

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    Quote 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

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