Best place to leave my money

neilsolaris

Hi,

I'm selling my home, which is due to complete at the end of November, and I'll rent somewhere until I find somewhere else to buy. I'm hoping to find somewhere to buy in less than a year, so I need to access my money quickly if necessary. My dilemma is, I'm already taking advantage of most if not all of the high interest current accounts. Also, I'm conscious that I shouldn't put more than £85,000 with more than one bank/group (is that correct?).

To help with my planning, here's the list of accounts that I already have, which have the maximum amount which will gain interest (apart from Post Office)

Santander 123 (1 personal, 1 joint)
Post Office Savings 1.39 AER (about £15,000 in here)
Tesco current * 2
Nationwide 5%
TSB (1 personal, 1 joint)
Lloyds (1 personal, 1 joint)
Bank of Scotland/Halifax * 3

When my home sells, I'll have about £103,000 to invest. If anyone has any ideas where to put it I'd be very grateful.

Thanks for your help.

xylophone

Put it all in NS&I income bonds?

http://www.nsandi.com/income-bonds

colsten

It's £75K max FSCS protection per person per financial institution from January onwards. Proceeds from a house sale are protected up to £1m for up to 6 months from date of deposit.

As you mention joint accounts, it seems there are two of you, so you should be able to stick some £120K into interest paying current accounts.

Anything above that, you could look at putting £15K into a cash ISA each (assuming you haven't used your allowances). Over and above that, you are reduced to Savings accounts, or gambles in premium bonds. A "good" savings account is available from NS&I who pay dreadful interest but have no £75K limit as they are Treasury-backed.

Playing_with_Fire_2

Can the person you have the joint Santander 123 account with open a sole account?

Do you want to invest any (ie put it in the stock market that may go up more than savings account but may go down)?

The limit is dropping to £75,000 per person per institution, however I think you have 12 months from a life event such as selling a house when there is a higher limit. Martin has an article on this.

colsten

Playing_with_Fire wrote: »

I think you have 12 months from a life event such as selling a house when there is a higher limit. Martin has an article on this.

6 months. Better to be sure than to "think"
http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

macman

You can put £50K into Premium Bonds (each) if you are not worried about interest, but need easy access.

Futuristic

NS&I would be the safest place to leave it, see below for bank accounts, this excludes saver accounts you can get from tsb for example however

http://bankaccountsavings.co.uk

neilsolaris

Thanks everyone for your help and suggestions. Sorry for my slow reply, I left for work just after I posted the original message.

neilsolaris

I meant to add, my partner can definitely open his own current accounts like I've done, but the figures I quoted before are just my share of the house proceeds, and he'll have his separate share.

neilsolaris

Futuristic wrote: »

NS&I would be the safest place to leave it, see below for bank accounts, this excludes saver accounts you can get from tsb for example however

http://bankaccountsavings.co.uk

Thanks, that's a useful link, but I'm already maxed out on all those current accounts!