Gathering a large deposit

[MarianneVos]

Anyone who's had a large deposit which has had to be spread across different companies to not exceed the £85k protection, how did you arrange getting it across for exchange/completion?

Mine is currently in four different companies. Do I just need to resign myself to paying 4 X CHAPS fees on the day or do I move small amounts gradually across to the solicitor (presumably this has different rules for protection?)?

What have others done?

We just transferred the daily max limit each day from the various accounts to our solicitor’s account over a week or so to avoid paying any fees. We just let them know beforehand we’d be doing it that way and it worked fine.

Yes it's what - £100?
Though I don't worry about a bank suddenly going under in the short term - and up to £1m is protected for up to six months when you are buying your main house.

There is a temporary protection for more than the 85k for certain circumstances such as wedding money, inheritance etc. So you would be covered in this circumstances.

See link below to the FSCS website.

www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Ah thank you! It's much less than a million so will start moving it now. It's in ISAs currently so I'm also a bit reluctant to lose that benefit in case it all goes wrong but I guess even if this all falls through I do want to move ASAP so would hopefully find somewhere else.

Also check with your bank on daily faster payment limits each bank has a slightly different ones and usually have a max in a 24 hour period.

So example you might be able to do 10k in Santander, 15k nationwide etc.

It might save you time just paying the chaps fee out but you can avoid the fees by doing it across a period of time. The bank might ask you however why, ask for proof and they might say you must do it via chaps.. This is definitely not true re the chaos payment option.

Thanks. I remember last time having a big argument with my bank as they wouldn't tell me the daily payment limit so I just had to keep guessing and decreasing the amount. After that I was totally determined not to give them the chaps fee!