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where to save house sale funds?
hollywoodtower
Posts: 18 Forumite
Hi,
sold our house last week and the money has gone into a joint Nationwide account. I need to spread it around for safety (approx £311000) and also earn something with it.
I don't want to lock the majority of it away because we are staying in a small flat for nothing (we inherited it) and will want to look for an apartment over coming months, That might take around £200000 of the amount. The rest is for us to live on over the next few years.
We are both retired, our only income currently is my wife's state pension and her small private pension. I don't get my state pension for another 3 years. So any of these accounts where you have to pay certain amounts in regularly may not apply.
Can anyone offer some advice that would cover this potentially temporary savings sum?
Thanks
sold our house last week and the money has gone into a joint Nationwide account. I need to spread it around for safety (approx £311000) and also earn something with it.
I don't want to lock the majority of it away because we are staying in a small flat for nothing (we inherited it) and will want to look for an apartment over coming months, That might take around £200000 of the amount. The rest is for us to live on over the next few years.
We are both retired, our only income currently is my wife's state pension and her small private pension. I don't get my state pension for another 3 years. So any of these accounts where you have to pay certain amounts in regularly may not apply.
Can anyone offer some advice that would cover this potentially temporary savings sum?
Thanks
0
Comments
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Have a good browse through the board - very similar questions have been asked and answered before.0
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You could spread it around 4 accounts, perhaps 2 with joint accounts, after making sure the companies have different deposit taking licences
If you want simplicity and security or just want to park it somewhere until you decide you could consider an NS&I Direct Saver
http://www.nsandi.com/savings-direct-saver
Rates aren't great, 1.5% dropping to 1.1% in September, but then rates aren't a whale of a lot better elsewhere for this amount of cash0
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