What to do with lump sum from property sale

Tealeaf96

Hi everyone,
Totally new to this excellent forum so be patient with me! I want to sell my flat in London (for myriad reasons, with which I won't bore you). But I don't want to - and won't be in a position to - buy anything else just yet, so what should I do with the money I make from the sale in the meantime, to make sure it's working for me until such time as I am ready to buy another place to live?

I'm looking at coming out of the sale with £100k+ so obviously, that's far too much for an ISA. A 'don't touch for x years' account would be fine but as I really don't know what the future holds, I probably wouldn't want to lock it up for any more than 2 years. I'm financially ill-informed and thus risk-averse, so I'd rather save than invest. As it's a lump sum that I just want to leave to get on with it, a regular savings account is out (I have a couple of those already) so essentially, my question is: any suggestions for a decent-interest savings account where I can deposit a lump sum of £100k+, don't have to then pay into regularly, and which I can access reasonably easily without incurring penalties?
Or should I just hold on to the flat?!
Thanks for your time,
T

Radiantsoul

Split your money in two to come in under the FSA protection scheme. Look for any account paying around 2% or better.

innovate

BugsyBrowne wrote: »

Do not stick this in silly 2% savings accounts move into buying property.

Irresponsible answer. Why do you keep doing this, Bugsy?

OP, have a root round the forum - - there are current accounts that pay half-decent interest in which you can park your money until you are ready to buy again. Look for Santander 123, Lloyd and BoS Vantage. Exploit cash ISAs, though as you say, there's only so muc that you can put in there.

Don't go investing - - 2 years is way too short a period for that - - and if you do feel like investing, don't put all your eggs into one basket (such as property).

fiesta04

BugsyBrowne wrote: »

Do not stick this in silly 2% savings accounts move into buying property.[/QUOTE

Brilliant suggestion from someone who rents:rotfl:

BugsyBrowne

fiesta04 wrote: »

BugsyBrowne wrote: »

Do not stick this in silly 2% savings accounts move into buying property.[/QUOTE

Brilliant suggestion from someone who rents:rotfl:

Yes thanks for that mate I may rent but I don't drive a fiesta.

innovate

BugsyBrowne wrote: »

Yes thanks for that mate I may rent but I don't drive a fiesta.

OMG. Not just property. Now also cars. Next it will be Rolex watches, gold, and garden gnomes.

BugsyBrowne

innovate wrote: »

OMG. Not just property. Now also cars. Next it will be Rolex watches, gold, and garden gnomes.

Well now you mention watches I actually wear a Breitling but only a Colt and also drive a Beemer and gold I don't like and I hate gardens.

xylophone

so I'd rather save than invest.

Interest rates are very poor at the moment - if you are a tax payer you might as well use the ISA allowance.

After that, remember FSA protection limit http://www.fsa.gov.uk/consumerinformation/compensation/brands and see here http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

bigadaj

BugsyBrowne wrote: »

Well now you mention watches I actually wear a Breitling but only a Colt and also drive a Beemer and gold I don't like and I hate gardens.

We generally see bugsy s slightly barmy postulations on the loans and credit cards board, nice to see him expanding though a serious health warning on any advice he may supply.

Chavtastic.

BugsyBrowne

bigadaj wrote: »

We generally see bugsy s slightly barmy postulations on the loans and credit cards board, nice to see him expanding though a serious health warning on any advice he may supply.

Chavtastic.

I've never heard of you or seen your username in my life.

What a weirdo...

atush

he seems to have your number though?

The OP will be putting this money into a property in a few years. But hopefully won't be buying poncy cars and watches with it. Not very MSE.