House sale proceeds guarantee?

markhat

Seeking more advice ...

A colleague has told me that the Government offer - or perhaps plan to offer? - a guarantee on the proceeds of a house sale deposited in a bank/BS etc - beyond the usual £85,000.

Has anyone heard of this? A google search doesn't turn up anything (I have be using the wrong terms)

Thanks

Markhat

ChesterDog

http://www.telegraph.co.uk/finance/personalfinance/savings/11144529/New-savings-compensation-rules-the-details-1m-state-protection-for-bank-deposits-if-you-have-just-sold-your-house.html

puk999

Also mentioned on MSE: http://www.moneysavingexpert.com/news/protect/2014/10/new-rules-planned-to-protect-savers-with-higher-balances
https://forums.moneysavingexpert.com/discussion/comment/66671207#Comment_66671207

markhat

Thanks both - very helpful