Savings Route
Feb 25th 2019, 10:12 pm
#1
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Joined: Jan 2019
Posts: 5
Savings Route
I have access to the £62,500, so can now begin the 6month collection of statements. Question is, can this be split into multiple accounts to maximise interest? For example, £20k in an ISA, £20k with one bank and £23k with another?
thanks in advance for any help.
thanks in advance for any help.
Feb 25th 2019, 10:14 pm
#2
Joined: Feb 2012
Location: Not in Paris
Posts: 18,194
Re: Savings Route
You can but I would suggest that the extra complication (and therefore the higher risk of a refusal) does not outweigh the small gain in interest.
Feb 25th 2019, 10:16 pm
#3
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Savings Route
It doesn't have to be all in one account, if that is what you are asking. ….. If you are asking "can I move it to different accounts" then the answer is that while technically "yes", you run the risk of failing to prove that you held the required amount seamlessly for the required six months without ever having access to/ use of the funds, so the recommendation is going to be, whenever possible, "leave the funds where they are, don't move them if you can avoid doing so".
Feb 25th 2019, 10:18 pm
#4
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Savings Route
Failing to prove that you held the required amount seamlessly for the required six months without ever having access to/ use of the funds, which will lead to your application being rejected. After you have applied you are free to move the funds anyway, whether you leave them in place for 5 years or 5 minutes is inconsequential.
Last edited by Pulaski; Feb 25th 2019 at 10:20 pm.
Feb 25th 2019, 10:19 pm
#5
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Re: Savings Route
No movement at all.
I have the money now and after talking to the banks, they recommended 3 accounts to maximise the interest, I just don’t want to do anyhign that will hinder the application.
I have the money now and after talking to the banks, they recommended 3 accounts to maximise the interest, I just don’t want to do anyhign that will hinder the application.
Feb 25th 2019, 10:21 pm
#6
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Re: Savings Route
Not trying to be argumentative but, how would i fail? 63k split evenely in three accounts, untouched for 6 months. If multiple accounts are allowed, i don’t see a risk?
Feb 25th 2019, 10:23 pm
#7
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Savings Route
So you already have the six months of statements? ….. Your posts are unclear as to whether you are talking "past tense", about what has already happened, or your future plans for the money.
Feb 25th 2019, 10:25 pm
#8
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Savings Route
Do you already have the six months of statements? …. If you want to move the money into three accounts and then start the six month clock, then that is fine too. ….. There is however a risk, as already described above, if you move the money during the six month holding period.
Feb 25th 2019, 10:29 pm
#9
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Re: Savings Route
Apologies for any confusion.
i have 63k in cash as of today. The application will be made at the end of this year, so I will get my monthly statements starting in late March.
I will keep the money in the bank for a long time, so i want to maximise the interest, the bank suggested that i open three accounts, an isa and two current accounts (the only pay a good interest rate up to £20k). If when I make the application I show evidence of 63k untouched for 6 months, does it matter if this is from 3 accounts or does it have to be all in one account?
thanks again for any advice.
i have 63k in cash as of today. The application will be made at the end of this year, so I will get my monthly statements starting in late March.
I will keep the money in the bank for a long time, so i want to maximise the interest, the bank suggested that i open three accounts, an isa and two current accounts (the only pay a good interest rate up to £20k). If when I make the application I show evidence of 63k untouched for 6 months, does it matter if this is from 3 accounts or does it have to be all in one account?
thanks again for any advice.
Feb 25th 2019, 10:35 pm
#10
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Savings Route
Apologies for any confusion.
i have 63k in cash as of today. The application will be made at the end of this year, so I will get my monthly statements starting in late March.
I will keep the money in the bank for a long time, so i want to maximise the interest, the bank suggested that i open three accounts, an isa and two current accounts (the only pay a good interest rate up to £20k). If when I make the application I show evidence of 63k untouched for 6 months, does it matter if this is from 3 accounts or does it have to be all in one account? ….
i have 63k in cash as of today. The application will be made at the end of this year, so I will get my monthly statements starting in late March.
I will keep the money in the bank for a long time, so i want to maximise the interest, the bank suggested that i open three accounts, an isa and two current accounts (the only pay a good interest rate up to £20k). If when I make the application I show evidence of 63k untouched for 6 months, does it matter if this is from 3 accounts or does it have to be all in one account? ….
OK?
Feb 25th 2019, 10:41 pm
#11
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Joined: Jan 2019
Posts: 5
Re: Savings Route
Yes that is exactly what i mean, stressfull day with this stuff, appreciate the input.
As of tomorrow it will be untouched for the remainder of this year and probably till after the renewal date half way through, hence why an isa and good interest is preferable. Just wanted a confirmation that multiple accounts all untouched would be acceptable, but as always the official info can be confusing.
Thank you for your advice.
As of tomorrow it will be untouched for the remainder of this year and probably till after the renewal date half way through, hence why an isa and good interest is preferable. Just wanted a confirmation that multiple accounts all untouched would be acceptable, but as always the official info can be confusing.
Thank you for your advice.
