I want to invest a substantial amount (over £150,000.00) in an account that will pay interest into another account. I have checked the high interest accounts but they are either bonds or fixed for a term and none of the other banks that pay monthly interest will pay into another account. I would appreciate advice on which bank or building society I should put my money in for my needs. thank you.

Some Nationwide products will pay interest direct into a current account. Some other products will only do an automatic payment if the account is with the same bank. Most listed stocks, shares and bonds will pay direct into any current account.

It's worth spreading your money around several banks to keep within the £35k Bank of England guarantee limit.

Thank you for that but please can you explain what the "£35k Bank of England guarantee limit is". Thanks

If a business goes into liquidation while it owes you money, you are unlikely to get anything unless that business is a bank. If a UK bank fails, the Bank of England will compensate depositors up to a maximum of £35k. If you put £150k into one bank then, in the unlikely event that that bank fails, you would only get £35k back.

Ok, I understand. Many thanks for your advice.