Martin Lewis shares key date to move and protect inheritance money

Martin Lewis shares key date to move and protect inherited moneySource: This Morning, ITV

Transcript

00:00 Normally, any money in savings is protected up to £85,000 per person per financial institution

00:07 under the Savings Safety Scheme.

00:09 But there is a special rule called the Life Events Rule, which if you sell a house or

00:14 if you have an inheritance means you're protected up to a million pounds in one financial institution

00:19 for six months.

00:20 Now, I don't know the scale of the amount of money that you have, but if it's over a

00:25 million, you need to spread it and you have six months.

00:29 So the first thing we want to do while you're deciding what you do with the money is make

00:33 sure that that money is probably sitting in your bank account is earning the maximum interest.

00:39 The top paying easy access account at the moment is the Coventry Building Society, 5.15%

00:44 interest.

00:45 You can put up to a quarter of a million pounds in there because you've got that life event

00:49 protection in the very, very unlikely event something were to happen to the Coventry Building

00:53 Society, all the money would be backed up by the government backed financial services

00:57 compensation scheme.

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