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Reassure me tescos bank isnt going to go bust in next month or two!

(3 Posts)
Thandeka Wed 05-Jan-11 10:40:50

We are buying a house. The money for the house is spread over three accounts with three diff banks to keep the FSA limits if the bank were to go bust. I am going to need to transfer all the money into one account to pay for the house- and thinking my tescos account is probably the safest.

Its going to be totally fine isn't it- its only going to be there for a month max before it gets spent on the house. And anyhow didnt all the Northern Rock people get their money back even if they had over 50k (or 100k if joint acc) in the account?

Just being paranoid!

ANTagony Wed 05-Jan-11 10:50:26

Limits changed from 31st December to £85k per person - so better than your worst case. Try not to worry, although I do get the total lifes savings this is your home your playing with bit of concern.

I don't understand why you need to transfer it all into one personal account - do you mean you need to transfer it all to your solicitors one account? I did this as several transactions because it was cheaper.

I was with Barclays when I had my equity as cash for a few weeks. They got all upset at me wanting more than a few thousand in my current account. In the end I/ they set up another account that earned daily interest and had no instant removal penalties - I could access it online and transfer it to my current account on the day of the transfer to the solicitors.

Thandeka Wed 05-Jan-11 11:32:11

Ah ha thanks for that- that helps!

We want to close two of the accounts and in order for them to close we need to transfer all the money into one account or they do a cheque etc so seems easier to have money in one place for a one of payment to solicitors bank account in a few weeks.

Its now looking like the money needs to be in coop account not tescos- hope they will be okay too! Ha better check with co-op they are going to cope with that bigger amount but think we have a linked savings account with them too

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