That’s because the amount of money protected by the Financial Services Compensation Scheme – which pays out if a bank, building society or credit union goes belly up – goes down. Under the temporary high balances rules, the FSCS temporarily protects balances of up to £1m if the cash has come from certain life events such as the sale of a home or money from divorce proceedings – but only for six months
ah that 6 month thing sounds promising
from a gruniad article
That’s because the amount of money protected by the Financial Services Compensation Scheme – which pays out if a bank, building society or credit union goes belly up – goes down. Under the temporary high balances rules, the FSCS temporarily protects balances of up to £1m if the cash has come from certain life events such as the sale of a home or money from divorce proceedings – but only for six months
https://www.theguardian.com/money/2021/may/31/what-should-i-do-with-the-180000-from-a-house-sale-until-i-buy-another