Urgently need to open a high interest account in which to deposit a 6 figure sum

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I've inherited money and it is going to be paid out soon (Probate was done surisingly quickly).

I have been trying and failing to open an NS&I income bond account for a few weeks (very long boring story about how you need to apply by post to get online access and passwords and how a crucial letter from them to me has gone missing in the post).

The reason I went for NS&I is because the money is coming from my late parent's NS&I account and I thought this would be easier. But NO!, it seems computer says NO.

I'd like an account where the money can sit for a few months while I make decisions about pensions and mortgages etc. Obvs I want it to earn maximum interest while I do that and then be able to move money out without too much notice or penalties.

Can anyone kindly give me any pointers? Thank you.

I have an account it could sit in for a few months.

There is this person called Martin Lewis, I thought everyone would have heard of him by now, but clearly not 🙄
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Anything but NS&I you won't be covered over £85k under the fscs. So you will need to split between multiple banks.

I've been happy with Marcus, it's very easy to use and access. And the rates are always good.

I don’t know about the six figure sum, but with £50K of it I would put that into Premium Bonds, because it won’t be taxable, unlike the rest.

Also don’t put more than £85,000 with one institution even if they have a really high rate.

Sainsburys

Don’t put more than £85k deposit for any one banking licence to benefit from fscs protection. So you’ll need accounts with at least two providers and obviously consider any deposits you already have. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Contact your current bank and ask them if they have a high interest account it can sit in for the short term. They will have your id already so you won't have to go through all the money-laundering shenanigans that you would if you try and put it somewhere else where you are an unknown.

OP how quickly did your probate come through?

We’ve been happy with Coventry Building Society

Typically if you can open up the best interest account which is offered by a bank you already have an account with then I’d shove it in there in the short term. Santander have a decent one.

thereafter most online banks (Chase,First Direct et.) offer decent interest rates and they are opened up to you for transactions very quickly.

check out Martin Lewis for best interest rates.

I'd put £50000 in ns&I premium bonds. £20,000 in a cash isa with your existing bank. You should be able to open that online easily. And an active saving account with Hargreaves Lansdown with the rest

you will be covered upto £1m under FSCS temporarily in most of the banks if you have inherited money or win lottery

For life milestones such as an inheritance or selling a house you are covered up to £1 million in a single bank. There is a time limit as to how long you can leave it - I think it's 6 months - before it is no longer covered. Read this from Martin Lewis's site
www.moneysavingexpert.com/savings/safe-savings/
Scroll down to the yellow box and read point 4.
As for where to put it, it depends on whether you want easy access or not. Look here for the best rates.
www.moneysavingexpert.com/savings/savings-accounts-best-interest/

I was going to suggest NS & I. Sorry you have had issues. I agree PB and ISA

Its OK, no need to bother yourself, I can help the OP.

But I don't know why people ask questions like this on here, because the right answers are always hidden between wrong ones and a load of snarky nonsense

If you're in such a rush OP, surely Googling for a financial comparison site would have been quicker?

I would use up £20k of your ISA limit if you haven’t already

then Atom bank have some good rates on 6 month accounts

they have 5.12% on a 9 month fixed rate account

it takes about 10 minutes to open account with passport in hand

premium bonds, friends have a bulk amount in these win most months

Just google, loads of instant access around at 4 l.75 or 5%.50k into premium bonds and 85k per account, job done

Bit harsh I thought @Bjorkdidit This isn't just a 'what's the highest percentage savings account out there?' question - she needs advice on something a bit complicated. Isn't that one reason why MN exists, to help each other?

If you need it super quick best bet is an online account like Chase or Wealthify - the latter has the better rate at the moment I think.

The person died in January, probate was granted in May, money hasn't been released yet.

You're not that Nigerian Prince that I'm currently negotiating with are you? 😂

It's a lot under a million! It's under £150,000 actually.

Silly me for not being used to handling large sums of money , but thanks to those who have given helpful replies.

Of course I have heard of Money Saving Expert.com but I've never been near it before and wouldn't know how to start searching. Mumsnet is my go-to website on everything as I've been posting here daily for nearly 20 years.

Google is your friend. Lots of comparison sites for highest paying accounts. Just make sure you use your £20k isa allowance for the year as you won't pay tax on this. You'll pay tax on interest on anything over this.

Are you ok???