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Old 23 Apr 22, 03:33 PM  
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Disneymaddaddy
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Bank account help

Hi everyone

My DD20 is due some inheritance soon which is quite substantial and she only has a student Santander account.

Would she be able to have the inheritance paid into that account or is there a balance limit in a student account?

Thanks In advance
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Old 23 Apr 22, 03:37 PM  
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123
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There is no limit, but the interest is awful.

Open a savings account and get it paid into there, otherwise it will just get slowly "nibbled at" because it is always showing up in the available balance

Edit: of course it depends on what you mean as substantial, if it is over £85k you will want to look at splitting it over multiple banks as each bank only guaranteed deposits up to £85k

Edited at 03:39 PM.
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Old 23 Apr 22, 03:56 PM  
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Disneymaddaddy
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Hi 123

Thanks for the reply!

Yep will be over that amount. Perhaps she should go into branch to see the best account or accounts she will need.
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Old 23 Apr 22, 04:20 PM  
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tiggertastic
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I'd put some in a isa then savings for the rest (after treating myself). Split over more than one bank company for the fcs guarantee.
Look at the money saving expert website?
I'd speak to a financial advisor rather than a bank. Banks will only tell. You their accounts.
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Old 23 Apr 22, 04:27 PM  
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MrsBrown
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Nationwide currently have an account with 0.8% interest, you can have 3 withdraws a year. Would be a good account to open while she then considers how she’d like to invest it.
ISA and premium bonds are both good, but get the bank account open first and she can consider her options from there. She could put the £85k into nationwide and another £85k to student account to split risk.
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Old 23 Apr 22, 04:38 PM  
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tspill
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Originally Posted by Disneymaddaddy View Post
Hi 123

Thanks for the reply!

Yep will be over that amount. Perhaps she should go into branch to see the best account or accounts she will need.
If it is over the £85K, then you need accounts with different banks. And with banks that dont share a FSCS limit.
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Old 23 Apr 22, 04:50 PM  
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Norah22
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Originally Posted by MrsBrown View Post
Nationwide currently have an account with 0.8% interest, you can have 3 withdraws a year. Would be a good account to open while she then considers how she’d like to invest it.
ISA and premium bonds are both good, but get the bank account open first and she can consider her options from there. She could put the £85k into nationwide and another £85k to student account to split risk.
I've moved my ISA money into this account and as the rate is flexible if rates do go up again I've not lost out as compared to a fixed.
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Old 23 Apr 22, 04:51 PM  
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Dr.JumbaJookiba
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I'd look at putting £50k in premium bonds too.
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Old 23 Apr 22, 04:56 PM  
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disneymadmom
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Chase has one of the best savings rates at the moment at 1.5% with easy access to your money
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Old 23 Apr 22, 07:22 PM  
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Pottermouse
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Originally Posted by disneymadmom View Post
Chase has one of the best savings rates at the moment at 1.5% with easy access to your money
I’m quite tempted by this account. Is there anything you dislike about it?
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