Do you have to prepare your bank for a large amount of money coming in?

[Iwantmorechocolate]

For various reasons, we're selling and moving into rented while we look for a new house. This means that we'll have the money for the sake of the house sitting in the bank for a while (that we'll then use for a deposit). I was just going to put it in the bank and use it later... now I’m getting worried that I might not be the best thing to do. My local bank is closed at the moment and I’ve given up on trying to phone my bank today - I’ll be phoning them tomorrow...

No

No. The money goes in to the account you provided (i think it has to be a current account). Then move it to where you want it (like savings). Do you bank online? You should see it all there.

I don’t think you have to prepare the bank, but worth considering that there’s an upper limit to the amount that is guaranteed as “safe” in the bank. I think it’s £85k per account holder

No you don't, but bear in mind banks usually only cover the first 85k in there so if it's more than this you may want to split it across another account in case the bank (on the rare occasion) folds.

This explains it:

moneyfacts.co.uk/news/savings/are-savings-safe-in-the-bank/#

I think it’s £85k per account holder
For a one-off amount like a house sale it's £1m for a year. If it's a large sum, then you'll probably have to spit it across different banks, but make sure they don't share the same banking license.

no, but the bank might call you to confirm where the money is coming from due to money laundering legislation

Thank you. It’s a joint account - should we move it 50:50 in to each of our accounts? After all the lockdown stress (when nothing happened), the end has appeared so quickly and I thought I had more time to get organised (still worried it’ll go wrong at the final hour)!

Joint accounts seem to have a £170000 limit protection. Thank you for the link

Within 30 mins of our house sale going through and the money reaching our bank account the back was ringing me, keen to offer me membership of their best friend club or whatever, desperate to get me an appointment to talk to someone about investing it etc etc.

If the proceeds are from a house sale its protected up to £1m.

If it’s going to be there for a while, I would talk to theBank about having it in other accounts. Or short term savings products.

You'll suddenly become very popular with the bank!

Brace yourself Barclays!

No need to warn them, they will be delighted. It's more when you plan to take large sums out its safest to check there aren't any rules around a bit in advance. You are protected currently for a year on temporary high balances of up to a £1 million from property transactions but its normally 6 months so check on FSCS website at time of transaction.

My bank manager phoned me the day before it went in, so they must get sort of pre-warned. He even gave me his mobile number so I could contact him direct to talk about my money. I was very popular with him that week

The bank will call you the day before.

No. They'll see that it's coming from your lawyer and that shouldn't trigger anything. The bank might call you to check re money laundering but they won't be overly concerned.

As someone else said, they do what ours did when we sold a house and offer you private banking facilities. Once it had gone out again, they stopped being so keen on that...

I got a call from my when a large amount went in, redundancy and pension lump sum, I'm one of the detested boomers lol.

My bank didn't care.. No phone calls here. My place must not have been worth enough to warrant it haha