House sold - where to put the money?

bigjuicygrasshopper

Hi


I am hoping this is the right forum to put this, I initially put it on House Buying and Selling but was advised to move to this forum.


My husband and I rent in Scotland, and have just accepted an offer on our house in England. We are in the middle of personal nightmares at the moment (he just lost his job, I have a serious illness), and so until we find a new job for him, we aren't interested in buying another house, as the next house WILL be the forever home (by hook or by crook!). We have savings accounts (thank goodness), as the benefits system won't give us anything to help, and have most of the top high street ones. We also don't have too much left on the previous mortgage so most of the money will be straight to savings. It is over 100k.


We won't need the "house" money until we are ready to move again, but when we do move, we want to be able to negotiate with a cash offer and have instant access. Lots of other threads have suggested NS&I, but surely there is something else out there which could earn some money on our hard earned bucks? We aren't interested in P2P lending either, so it is just for us to keep an eye on and it to be safe. Happy to spread across banks, but as we say we already have most of the good accounts.


I hope someone can help, and thank you for reading.

Archi_Bald

If you want to put some effort into it and have decent credit histories, you can play the current account game like many others do. https://forums.moneysavingexpert.com/discussion/5110761

And perhaps add Regular Savings https://forums.moneysavingexpert.com/discussion/comment/6932895#Comment_6932895

Cyberman60

Don't put it all in one bank, and also not to multiple banks that are linked. If we have another big crash you would lose everything over 85K as only that amount of deposit is protected.

bigjuicygrasshopper

Thanks Archi Bald and Cyberman60 - do you think it is worth opening accounts with the nominal amount now, and then hopefully it will be quicker to transfer out once the money arrives?

Archi_Bald

Only you can judge, we don't know when you might receive your funds.

Remember that many of the accounts have minimum monthly deposit amounts, and some also need DDs.

bigjuicygrasshopper

Fair enough - appreciate your help!

System

If it is a joint account then the 85k limit is doubled...
So make any account you have joint for full protection.

Cyberman60 wrote: »

Don't put it all in one bank, and also not to multiple banks that are linked. If we have another big crash you would lose everything over 85K as only that amount of deposit is protected.