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23 Apr 22, 03:33 PM |
#1
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VIP Dibber
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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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23 Apr 22, 03:37 PM |
#2
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Imagineer
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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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23 Apr 22, 03:56 PM |
#3
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Thread Starter
VIP Dibber
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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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23 Apr 22, 04:20 PM |
#4
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Imagineer
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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. |
23 Apr 22, 04:27 PM |
#5
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Very Serious Dibber
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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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23 Apr 22, 04:38 PM |
#6
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Imagineer
Join Date: Feb 13
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23 Apr 22, 04:50 PM |
#7
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Serious Dibber
Join Date: Mar 22
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23 Apr 22, 04:51 PM |
#8
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VIP Dibber
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I'd look at putting £50k in premium bonds too.
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23 Apr 22, 04:56 PM |
#9
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VIP Dibber
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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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23 Apr 22, 07:22 PM |
#10
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Apprentice Imagineer
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I’m quite tempted by this account. Is there anything you dislike about it?
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