Depositing GBP150,000 into Monzo

Am i able to deposit the proceeds of the sale from my mothers house, from my solicitors, approx GBP150,000 into my exisiting account with no issues?

Yes.

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You can make the transfer. It may be subject to checks from Monzo although as it’s a house sale that shouldn’t cause too many issues to prove it’s origin if asked.

You are only protected by FCSC for up to six months on that balance which is worth bearing in mind

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Up to £1mil for a house sale for up to 6 months Temporary high balances | Check your money is protected | FSCS

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Oh really? In that case I know we hate people doing this, but I’m going to delete my post. I’d rather the incorrect information wasn’t here for the OP and others who may stumble upon it.

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Well actually come to think of it, that depends if it is their main residence. As they said it was their mothers house maybe not. So one of the two limits applies! The OP can look into it :grin:

Surely if it’s the sale of your own house.

Either way, that stands with any bank, think a lot of the question is just can I :person_shrugging:

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Sure, but it doesn’t hurt to give them the extra info as FCSC protection isn’t something everyone thinks about (but could be very important/ devastating if missed)

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