Where to deposit funds from property sale

Brostafarian

I am about to complete on the sale of my property. I will end up with around £100k and would like some advice on where to deposit it. I am relocating to another city and have not yet found a suitable property to buy. Somneone has mentioned credit unions to me - and also a friend has said that not all banks will guarantee large amounts like this. I already bank with HSBC, BArclays and Santander who my current mortgage is with - or should I open up a totally new account? Any adice is greatly appreciated.

xylophone

You can safely hold the whole amount in NS&I - remember interest is paid gross so you may need to advise HMRC depending on your tax situation.

http://www.nsandi.com/savings-income-bonds

paulharding150

If you're worried about losing it if a bank goes ****-up ten split it £50k and £50k between your existing two accounts.

Do also remember that during the recent financial crisis no UK resident lost any money through a bank collapsing (that's not to say it won't/can't happen)

innovate

Absolutely. It don't think anyone should assume that they get a penny more than £85K per person if their bank collapses.

Brostafarian

Where does the £85k figure come from? Sorry but I am not up to scratch with finance.

xylophone

Where does the £85k figure come from? Sorry but I am not up to scratch with finance.

http://www.moneysavingexpert.com/savings/safe-savings