Where to keep £800,000 cash

dale_cotterill

planteria wrote: »

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

It shouldn't, but £720k seems a very large amount to risk given the minimal additional reward of extra interest. Even when that risk is so small.

planteria

yes, but for a short period, a lot of hassle to open a lot of accounts.

if there is a Santander123 available, then it makes sense to max that with £20k, of course. but im still not sure it is worthwhile to spread the money across lots of institutions.....but i wouldn't be selecting a home that is in any way obscure either.

NS&I is a way of doing it risk free. i would either do that, or just pick the best rate from HSBC/Barclays/Lloyds/RBS/Santander/Nationwide:)

bigadaj

dale_cotterill wrote: »

It shouldn't, but £720k seems a very large amount to risk given the minimal additional reward of extra interest. Even when that risk is so small.

Well if you were an investment banker earning a percentage of profits, with no downside liability for the loss of capital invested then there might be a different response.

PasturesNew

innovate wrote: »

But it might be. Better safe than sorry.

This is true... then you have the reverse fear.... how to get it all to the solicitor when you find a house to buy

I think the Govt missed a trick there.... they should have had a special "house pot" safe haven for transient house money.

innovate

PasturesNew wrote: »

This is true... then you have the reverse fear.... how to get it all to the solicitor when you find a house to buy

Fear? What fear?

You just withdraw the money to your linked account & from there CHAPS it to your Solicitor.

Though I agree it would be easier if you could just have the money sent directly to your Solicitor. May be NS&I actually do offer this, as they can do it for international payments.

planteria

PasturesNew wrote: »

I think the Govt missed a trick there.... they should have had a special "house pot" safe haven for transient house money.

i like it.

lennyaitken

Best way is to split money and have them in few different accounts but also get the highest rates possible, that way you will earn over the time

innovate

lennyaitken wrote: »

Best way is to split money and have them in few different accounts but also get the highest rates possible, that way you will earn over the time

Sounds a great theory but precisely how would you turn it into practice? Can you list the accounts & rates that you would suggest? How much more would you be able to make compared with NS&I?

LeafGreen

For me, the whole lot with ns&i would be a no brainer.

poet123

grahamgoo wrote: »

For me, the whole lot with ns&i would be a no brainer.

Yes, I agree, that is where we have put the proceeds from the sale of our house for the short period until we buy again.