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Where to deposit funds from property sale
Brostafarian
Posts: 10 Forumite
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.
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Comments
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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-bonds0 -
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)
The campaign against overpowering signatures0 -
Absolutely. It don't think anyone should assume that they get a penny more than £85K per person if their bank collapses.0
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Where does the £85k figure come from? Sorry but I am not up to scratch with finance.0
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http://www.moneysavingexpert.com/savings/safe-savingsWhere does the £85k figure come from? Sorry but I am not up to scratch with finance.0
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