Safe bank for large sum of money

[Orionaut]

Actually, how much money is even in personal bank accounts, because people tend not to save money? Maybe it's not even that huge. So bailing out personal savings at a single bank wouldn't be excessive.
I mean when RBS was nationalised, it was the entire operation right?

Banking was never about savings as such...

It is easy for people to forget that WW2 was mainly about Banking!

Banking destroyed Germany after WW1 and Hitler grew up hating international banking with an absolute vengeance!

 

[dowie]

Say you won a million pounds cash where would you deposit it, given that normal banks are insured only to £85,000?

In my normal bank... HSBC. Given that most of it would only be there very briefly before being sent elsewhere to be invested then meh...

Coults!

Even Coutts don't cover you..

Your eligible deposits with Coutts & Co are protected up to a total of £85,000 (or £85,000 for each eligible account holder of a joint account) by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

Of course they don't - it's just a subsidiary of RBS, there isn't any additional magical protection for ordinary deposits made there... you can go to a posh branch, have a fancy looking debit card and get a bunch of advisory services etc.. but that's about it.

Bit moot though as they're unlikely to be too interested in some lottery winner with only a 1 million win in the first place - I'd assume most people would be looking to spend a big chunk of a win like that on a house, maybe give some to family etc.. what you have left after that would be of no interest at all to a private bank - you're looking at going to see an IFA like any other regular Joe.

 

[Deleted member 77746]

I would split it between banks. It all would be in an isa in each of the best % banks. 250K split.

 

[Ocean Breeze]

ISAs split between different banks.

 

[HungryHippos]

You can only deposit a small sum in an ISA per year though, so think that is out of the question.

 

[neocon]

I had quick look and you can open a Swiss bank account as a foreign national. Need to make a 5000EUR deposit and it's £70 a quarter in fees.

If you were a digital nomad, that might be a good option right? No inheritance tax for one.

 

[dowie]

I had quick look and you can open a Swiss bank account as a foreign national. Need to make a 5000EUR deposit and it's £70 a quarter in fees.

If you were a digital nomad, that might be a good option right? No inheritance tax for one.

How does having a Swiss bank account help you here?

 

[Deleted member 77746]

You can only deposit a small sum in an ISA per year though, so think that is out of the question.

Then I would put what is maximum allowed per year into 4. and put the rest into the same bank but in savings until it was all in an isa.

 

[neocon]

How does having a Swiss bank account help you here?

It doesn't here, but if you weren't resident in the UK, but held a British passport.

 

[Deleted member 66701]

Say you won a million pounds cash where would you deposit it, given that normal banks are insured only to £85,000?

I would employ a trusted financial advisor and let them deal with it.

 

[Basher]

It’s unlike you’d want to keep it all as cash.

Pay the house off then invest in stocks/property. Keep a buffer fund of no mode than about 100k just in case it’s needed in an emergency (eg job loss).

 

[Kreeeee]

.

 

[Jokester]

It's going to take you 50 years to put £1M into ISAs...

You wouldn't put that amount of money into a bank account for any length of time, you would look to appoint some sort of wealth manager I suspect to invest it in a mix of investment types to protect it's value and grow it more.

 

[dowie]

It doesn't here, but if you weren't resident in the UK, but held a British passport.

How? What would you hope to gain from having a Swiss bank account in that instance?

 

[neocon]

How? What would you hope to gain from having a Swiss bank account in that instance?

Buy shares, sell shares, don't pay capital gains tax? Surely that would be possible.

This is the case of a digital nomad.

 

[Deleted member 77746]

It's going to take you 50 years to put £1M into ISAs...

Would it? I thought some of the bigger ISA's you can put 20K in, so 4 banks x20K = 80K per year, 1M/80K = 12.5 years

or have I got my figures wrong?

I wouldn't put it all in you still would need to live off some though.

 

[Jokester]

Would it? I thought some of the bigger ISA's you can put 20K in, so 4 banks x20K = 80K per year, 1M/80K = 12.5 years

or have I got my figures wrong?

I wouldn't put it all in you still would need to live off some though.

£20k a year max, can be split between a number of accounts though.

 

[Deleted member 77746]

£20k a year max, can be split between a number of accounts though.

ah right. Yeh in that case someone would needed to be recruited I'm sure there are ways to use a million to get an investment over 5/10 years or something.

 

[neocon]

ah right. Yeh in that case someone would needed to be recruited I'm sure there are ways to use a million to get an investment over 5/10 years or something.

Yes, just not tax free

 

[malachi]

Rusty biscuit tin under the bed? Swiss bank seems the obvious choice.

Trust me, it's not.

Rusty seems a better option!