Gut check..

Just moved £100,000 from Lloyds to Investec for a one year fixed bond at 1.9%. I just feel like I sent a lot of money to the internet gods. Investec is one of the banks that Martin Lewis recommends. Still......my guts are not happy.

I’m sure it will be nice and safe. Good luck.

Well.....I had to do something. I'd been putting it off and Lloyds gives almost no interest on anything. I'll probably stick some more money in something like Tesco bank that gives over 1% interest on savings.

Just moved £100,000 from Lloyds to Investec for a one year fixed bond at 1.9%. I just feel like I sent a lot of money to the internet gods. Investec is one of the banks that Martin Lewis recommends. Still......my guts are not happy.

I just checked their website and according to their t's&c's, they are covered by the FSCS. That covers you for up to £85,000. The advice is typically to spread your money around so that you don't have more than that in any one banking group.

https://www.investec.com/content/dam/united-kingkom/Downloads-and-documents/private-banking/investec-private-banking-terms-and-conditions.pdf

Well.....I had to do something. I'd been putting it off and Lloyds gives almost no interest on anything. I'll probably stick some more money in something like Tesco bank that gives over 1% interest on savings.

I love those little interest bearing current accounts. They are not as thick on the ground as they used to be but it's smart to take advantage of them.

Do keep an eye on your visa timing so that you keep enough cash in an instant access account to meet the requirements from at least 6 months prior to the date you plan to apply!

I love those little interest bearing current accounts. They are not as thick on the ground as they used to be but it's smart to take advantage of them.

Do keep an eye on your visa timing so that you keep enough cash in an instant access account to meet the requirements from at least 6 months prior to the date you plan to apply!

Oh yeah, no problem. Now that I'm draining my retirement account over the next 4 years I have way too much money just sitting in a savings account at Lloyds getting less than .1%. That £100K was in both of our names, so I guess that more than covers the £85,000 each for FSCS guarantee. Now we are looking for just a regular easy access savings account for more places to put money.....Tesco had something I think at 1.3% or so. I was going to leave at least £63K at Lloyds because it was easy to go in and get the signed paperwork when I do the last visa. At that point I will take almost everything out of Lloyds since they don't do interest accounts worth beans. Just keep the pension and maybe social security at that time coming into the Lloyds and then transferring it elsewhere.

As a side note.....we tried to transfer the money from our savings account over to Investec and we couldn't do it. We had to transfer the money into our current account first before we could transfer it. Is this normal? That money is still sitting in that account and there is not much protection from theft etc on the money in the current account. Grrrrr

I really don’t know. I’ve always only transferred money to and from my checking since the transfer to and from our savings accounts in the same bank are instantaneous. Even transferring money from the US to one of our savings accounts I take it to the checking account first. Probably undue caution on my behalf but I figure that if Transferwise or XE gets hacked it will only be my checking account details that get stolen.

I don't know about all current accounts (checking account/debit), but ours only covers about £5K in loses. I really really don't like that money sitting there.......