This is great to hear. I have been so removed from traditional banks for so long. I do have some historic memories of attending a branch of Barclays.
They had sticky swinging doors, there was a queue, I had to stand in a queue, I think I then got upgraded and was able to sit in a queue, I then spoke to one person and had to move to another queue…
They did have really cool little free blue pens and envelopes to write on…
Great day out!
What a great problem to have!
The maximum amount of cash that is financially safe, in any UK bank, is £85k so I’d be inclined to split the lump sum into several pieces & depending on your plans, put it in a Monzo savings, Monzo ISA, Tesla ($TSLA) shares - my favourite company, and Bitcoin (this is NOT financial advice, just saying what I’ve actually done with my cash - well, except for the savings & ISA, as the returns are pitiful).
You are covered for up to £1m for the first 12 months after a house sale or other major event, you can see the list here
Thanks for the correction! TIL something 
especially with interest rates now, no reason to keep it all in one bank, plus if you lose that card, you are stuffed until the new one arrives, but using 2 or 3 banks, you can keep one at home for emergency, doesn’t have to have loads of money in, with internet banking you can instantly transfer more if needs be
Not if you use Google or Apple Pay 
and don’t forget that your app and internet banking will still work too.
You are covered for up to £1m for the first 12 months after a house sale or other major event, you can see the info here
I’ve read the whole article but still couldn’t find anything about £1m, cover-up
Could you please scpecify
It’s the first sentence in that article …
"FSCS protects temporary high balances in your bank account, building society account or credit union account of up to £1million for up to twelve months. The protection begins from the date the temporary high balance is credited to an individual depositor’s account, or to a client’s account on an individual’s behalf. "
The very first sentence.
One thing that hasn’t been mentioned (I think) is bank fraud. Personally my “don’t put all my eggs in one basket” is partly just in case my account gets “hacked” in some way. If it’s spread across three banks, say, that reduces my risk.
I’m not so concerned by the bank (Monzo is great & seems quite transparent, compared to others), but rather with money itself; “fiat” currency is deeply flawed, with its ties to governments and their penchant for helping themselves & their rich friends, and approach to financial crisis that is akin to robbing Peter, to pay Paul (your classic Ponzi scheme).
Quantitative Easing is the fraud that will bite us normal people in the bum - HARD. QE is sold as a mechanism to reduce pressure on the system, by letting people hold more cash in their hands, it is a falacy, as its benefit is hyper-temporary, as it is a pure dilution of the money supply (which undoes any good that it temporarily did). It is massively addicting to the system (governments du jour) because it allows them to “kick the can down the road”, effectively passing the problem on down to future governments, or more correctly, to the next generation(s). At the same time as governments are hiking the national debt & weakening the currency to the point of hyper-inflation, money moguls are making obscene bonuses and when their banking institutions start to visibly fail, they get bailed-out by further QE, which just exacerbates the situation.
My plan is never to keep more cash (positive bank balance) than I need for day-to-day activities; anything more than that, left in an uninvested state, is just in danger of losing its value through inflation. The deflationary properties of Bitcoin is the reason why I prefer to convert my cash into BTC - see the first few minutes of https://youtu.be/LEswi_YHwSc?t=71
I currently have 4% of my net worth in Bitcoin. This is my favourite, fairly recent precis of the situation https://youtu.be/7u3_Yhg3rUY
but bitcoin is as much a ponzi scheme as fiat currency is - if you put your 4% in at the top over the past month its worth a lot less now “as a bite in the bum” …who knows where its going …and I dont disagree with your QE comments …
imagine “investing / converting” all your fiat currency in dec 2017 at £14K / bitcoin and then wanting to spend it in Dec 2018 at £3K / bitcoin … bit off topic though …sorry
You’d be rather stupid to buy high & sell low, wouldn’t you? Gotta HODL, if you don’t wanna lose your shirt! I totally agree with you on the Ponzi scheme element, except that it differs in that fiat is not a fair thing & is controlled by the most corrupt and distasteful, bloodsucking scum.
I’m super-long on Bitcoin, just like I am on $TSLA - short-term investing is really just “trading” (in other words, gambling).
I’m fairly confident that my bum will remain as I unbitten as is possible, in these treacherous times. I used to have 6.5x BTC (bought at various levels from $80-$11k), but I exchanged them all, for 497x $TSLA, during 2020 - kinda worked fairly well for me 
I got back into BTC @ $19k & I’m absolutely tapped out, so will be sitting back & letting it all ride - of course, it’s all a gamble at the end of the day, but I actually do like the Tesla fundamentals & mission (and you can’t say they aren’t executing on their plans!), and I like the decentralised, immutable, and deflationary qualities of Bitcoin, and that it is allowing people in countries ravaged by rampant corruption & inflation, to step away from their broken economies.
Between $80 and $11k is one hell of a range!
good luck 
at the end of the day not a lot is in ones control , we are all just little fish in a big pond , the market decides what you’re left holding , be it sterling , dollars , bitcoins or whatever stock you bet the bank on , and that is sometimes based on “facts” that for example change when a pandemic hits , sometimes on hype that is untrue , and sometimes on pure luck that one puts down to skill and “knowing the market”…sometimes expertise …after all these experts are never wrong are they lol
I don’t agree at all. Currencies like the pound and dollar are stable, because they are backed by central banks and linked to large government treasuries. This is crucial, when I get paid I need to know the money I just got will be worth roughly the same in four weeks time, When a bank loans money and sets an interest rate it needs to know the amount it gets repaid will be worth about the same.
‘decentralised’ currencies are only really good for speculative investors. They don’t have the reliability or stability in value to be useful as a day to day currency and they never will.
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