Where do I temporarily put money from sale of house?

eam_2

Hi there

I'm not sure if this is the right place to post, but we are looking at selling our house and relocating several hundred miles away, and we will need to rent for a while whilst we are searching for a new property to buy.

My question is, where do we keep/bank/save the proceeds from the sale of our house (potentially up to £400k - eek!)? Am guessing it's too much to put in a standard bank account and that's probably not the most savvy thing to do anyway.

Any help much appreciated!

Thanks

G_M

* a bank
* several banks
* a building society
* several BSs
* under the mattress
* any combination thereof

The new limits for protection are £75K per bank or £150K for joint acounts.

Unlimited in National Savings.

Take a read through similar threads on the savings board.

davidmcn

Probably best to look for whoever has the best rates at the time (this site is as good place to start as any) and divide the cash according to the protection limits and how long you are willing to stash it away for.

bobobski

G_M wrote: »

The new limits for protection are £75K per bank or £150K for joint acounts.

Not in this situation, since it will be temporary: http://www.fscs.org.uk/news/2015/july/new-protection-from-today-for-temporary-high-balances/

davidmcn

bobobski wrote: »

Not in this situation, since it will be temporary: http://www.fscs.org.uk/news/2015/july/new-protection-from-today-for-temporary-high-balances/

As long as "temporary" doesn't end up being more than six months.

Also if you want to be really paranoid, you might want to split the money anyway, as I would expect a bank going under would mean at least temporary difficulty in accessing your funds, even if they are protected.

agrinnall

National Savings, as suggested by G_M, would be (and was) my choice.

dshut

Be sure to declare any interest payments to HMRC.

glentoran99

dshut wrote: »

Be sure to declare any interest payments to HMRC.

isn't tax deducted automatically on interest payments?

G_M

Until April 2016, yes deducted automatically unless you register for gross.

After April, no interest deducted, but if you earn £1000+ in interest you hae to declare it to HMRC

macman

Put £60K in Santander 123 accounts (2 single, one joint), plus the £50K max in Premium Bonds, that'll give you some income from it short term.

swindiff

Premium bonds