'Is my inheritance safe if my building society goes bust?'

I will soon inherit some money and planning to add it to my savings account, with Kent Reliance.The amount I currently hold is within the Financial Services Compensation Scheme (FSCS) limit of £85,000, so I should be protected if Kent Reliance went bust.But what if my inheritance pushes me over the limit?C. Milton from London

'Your money is safe - for six months at least'

Joanne Padilla, Which? Money expert, says...

However, there is an additional limit for temporary high balances in certain circumstances – for example, proceeds from the sale of your home, an inheritance or an insurance payout. 

This extends the limit to £1m for six months, and it is separate from the original £85,000 limit.

Note down when your six months will expire and transfer the money elsewhere.

Find out more:

Which? Money 1-to-1 guidance

Our team of money experts can answer your questions big and small, on topics from pensions to tax and savings to scams.

Which? Money members and their immediate family get unlimited access to 1-to-1 guidance sessions.

undefined

source https://www.which.co.uk/news/article/is-my-inheritance-safe-if-my-building-society-goes-bust-aynsx1S0jJPZ