Where to keep £800,000 cash

asakusa

In two months time I will have £800,000 in cash from the sale of my house as we will be moving into rented property whilst we look to buy. This may only take three months.

Can anyone advise where is the best place to deposit such a large sum allowing instant access and offering a decent interest rate?

To ensure my money is safe, do I have to open 10 different savings accounts and deposit £80,000 in each?

I'd be very grateful for your opinions. Thank you

innovate

http://www.nsandi.com/savings-direct-saver. Perfectly safe and just one account needed.

You won't get a great deal of interest anywhere now for this sort of money and the short timescale.

noh

For safety and because it is a short period NS&I is probably easiest.
http://www.nsandi.com/savings-direct-saver

asakusa

Thank you for your advice

soulsaver

If not NSI, and you have a partner you trust, joint accounts would cut you down to needing 5.

Perelandra

Can I send you my bank details? Perfectly safe there...







(No, of course I'm not being serious!)

planteria

i would go for the best rate.
the FSCS protection shouldn't be needed, don't forget

hostie

If you split it into lots of different accounts with higher interest, you will make more money from it in interest payments. i.e. 20k in Santander 123 current account with interest of 2.3 or something similar; an ISA should get you more than 2% interest too.
Someone posted a thread about saving 60k. Had lots of useful information on it. Of course you maybe want to keep it all together.

innovate

planteria wrote: »

the FSCS protection shouldn't be needed, don't forget

But it might be. Better safe than sorry.

innovate

hostie wrote: »

If you split it into lots of different accounts with higher interest, you will make more money from it in interest payments. i.e. 20k in Santander 123 current account with interest of 2.3 or something similar; an ISA should get you more than 2% interest too.
Someone posted a thread about saving 60k. Had lots of useful information on it. Of course you maybe want to keep it all together.

Where do you get a 2%+ instant access ISA?

I would suggest that exploiting all the current accounts would not make a noticeable difference to the interest than can be earned for the total sum, and in the timeframe, available.

themull1

Under my mattress will be fine.