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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have £800k on deposit with one of the clearing banks pending

Resolved Question:

I have £800k on deposit with one of the clearing banks pending completion on a house purchase which should take place in the next 4 - 6 weeks. Is there any way I can protect/insure these funds against bank default, other than splitting the funds with 10 institutions?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Sadly no

Alex Watts :

As you know each account is protected up to £85,000

Alex Watts :

You may be able to get insurance through a specialist broker, but generally no, you would need to split it

Alex Watts :

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Thanks for that - that's kind of what I expected but your confirmation of this will help to focus my mind. No problem paying the £28 but only on the basis that this is a "one-off" question for which I have paid £28. I do not want to be paying monthly subscriptions for a service that I probably won't require using again.

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