Sold House -Need somewhere to put cash for 6 months or so

dekaboot

I've just sold my house and I'm fortunate enough to have £250k 'free' which is currently residing in my Egg Savings account. I need this for my next house but at present I'm in limbo and renting and may be for the next 6 -12 months - so the advice I'm after is where should I stick the cash where it must be SAFE (no risks being taken) but generates a fair return. Any help appreciated. Tks.

Dan29

I was just going to recommend Coventry First which is where my money is since selling a property, but I see you've already started a thread about this account on the Current Accounts board

If you do go for Coventry, bear in mind you have to pay in at least £1,000 a month.

jamesd

Go for the highest rate instant access savings account unless you are sure you can lock it up for 6 or /12 month savings bond terms, which might get you a bit more money. Might split it between Icesave and ICICI to double the amount you can get compensation for and reduce the chance of losing it all if one goes bust.

For bank deposits the FSCS will protect a bit over 90% of up to 35000 per depositor, so you'd need accounts with 8 different banks to obtain that protection. Or 4 if there are two of you with your own accounts.

manhattan

just a quick question, my mind wonders! lol

what savings technique would someone use for a few million? as you say jamesd, banks offer only so much protection.

jamesd

For savings-level returns, UK government investment bonds - gilts - are one option for a longer term. For a shorter term, bank deposits are likely to be the choice, still. Really, barring an expectation that the money will all be used, that's way into investing rather than saving territory and there's enough money there for professional advice to pay.