Temporary windfall of House Sale Proceeds

castor0700

Hi.

I am about to clear £330k from the sale of my home, whilst we live in a rented alternative, looking for a new home to buy. Where should I deposit this money in the mean time? We are risk averse, we wouldn't put it in stock and shares even short term(!) I know about the £85 / 75k rule, and also understand that a temporary windfall such as this is protected for a short time at any bank. NS&I will protect the whole sum of course, but returns are low. With rates as they are I may well max out on Premium Bonds but even so that will leave a substantial amount, the likes of which I've never had to invest. Any ideas moneysavers?

Sam_J12

NS&I is your best bet since you are looking to buy soon. You can put a decent amount away as a couple (I think over 100k GBP) in various current accounts and regular savers that all pay 3% or more. For a short period while you look for a new home it probably is not worth it.

Eco_Miser

For a few months it's probably not worth the hassle, but the accounts that pay worthwhile rates, but only on limited sums are here.
Remember when you come to buy, you will have to collect it all back into one place.

bigfreddiel

Ns&i investment bond, this will pay you about £330 per month if you put £330k into it. It's paid gross so there may be a small amount of tax to pay later.

Cheers fj

jimjames

castor0700 wrote: »

We are risk averse, we wouldn't put it in stock and shares even short term(!)

Short term you'd be crazy to do that. Not just "even short term", investments should be considered long term, to invest for a matter of weeks or months is purely gambling