Multiple FSCS Protected Accounts

[eddie1507]

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

[jmann]

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

[jmann]

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

[Lance]

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.

[eddie1507]

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

[jamesbrown]

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

[dingdong]

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.

[DelboyTrotter]

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"

[simes]

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.

[earningacrust]

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