Question #24433

What happens if your bank balance goes above £85,000?

I'm going to receive a bank transfer after selling a really expensive lense that is going to put my bank account over the limit. What happens? Will the bank freeze my account?

  • ?

There is no such limit. £85,000 is simply the maximum compensation the Financial Services Compensation Scheme will pay if the bank goes belly-up. Your balance can go above that, you simply won't get more than £85,000 out of the scheme if the bank crashes. So if that bothers you, spread your money around between different banks (I know someone who does this).

  • David 14

Maybe you should ask the bank.

  • ?

I am rich.

  • tro

I don't understand why there is a limit on a bank account

  • Maxi

The bank is obligated to report any movement of income over £10k to HRMC and you will be asked to prove the source of this money if for some reason the person sending it to you, their bank haven't reported it ( but they will have) all that is instant, so once it is cleared into your account it is your money they will only 'hold' that money if there are problems in source

  • Tavy

They will hold it until you provide proof from where it came in the U.K.

  • Anonymous

call the bank and ask

  • Fred3663

No, the £85,000 is the compensation limit if something goes wrong with the bank.