sold your house so what to do with the money?

KrazyFool

What do people normally do or would be a sensible thing to do when you have sold your house so presumingly ending up with a lumpsum of cash. What would you do with it, put it in a high interest instant access account?

as i dont know how soon i will buy my next house, it may be afew months or find somewhere straightaway (though depending on chain etc i guess it would still be serveral months)

do most places accept large quantities of cash with the possibility of taking it out soon again - without penalties i guess. I guess it most be worth doing, how much interest if only for a month...

Jay1b

Halifax Websaver has a pretty good rate, i'm sure if you shop around you could find better.

Ian_W

Hi Krazy,
Go to the savings section of the site where you can link to the current "best buys" for savings. Some have intro rates which only last a few months so if you haven't found a house by then and don't want the hassle of moving avoid them.
If you haven't used your £3K cash ISA allowance [each if you're a couple] for this year you can avoid tax on the interest by using it. Do the same again after April 6th for the next tax year.
Can't really suggest anything else. As you may need the money for your next property fairly soon it's not really suitable for anything other than instant access type accounts.

BoL.