How to keep a chunk of money safe in the UK?
February 4, 2011 2:18 PM Subscribe
How do I safely look after a large chunk of money for a short period of time? Difficulty - I'm in the UK, and some of it isn't mine...
posted by anonymous to Work & Money (6 answers total) 1 user marked this as a favorite
Following the sale of our grandparents' house, my brother and I will both be receiving cheques for around £250k in the next week. I need to find a way to keep the two lots of money safe for about a month.
My money needs to be safe for about a month until my house purchase goes through. My brother's money needs to be kept safe until he returns from foreign shores some time after Easter, and can look after it himself.
The problem is that money in UK banks is only guaranteed against financial collapse up to a limit of £50k per depositor per banking group.
I know that it's pretty unlikely that any of the banks is going to vanish, but I'd really rather not take the chance.
What can I do to protect these sums of money for 1-2 months?
The obvious additional problem is that I can't open additional accounts to protect the money that isn't for me.
Sadly, the option of sticking the cheques somewhere safe until the money is needed isn't a viable option, as the solicitor handling the estate has already warned us that their client account is liable to the same bank rules as personal accounts.