Where to put my money

casey4662

I have money from the sale on my house (£100,000) and need to put it somewhere safe that won’t cost me money. I will be reinvesting back into property in 6 to 12 months, has anybody got some advice on accounts etc.

bowlhead99

For a term of a year or so between properties, current accounts and bank savings accounts are only protected up to the compensation scheme limit of £75k per person per institution. So if you want it all in one place, put it with NS&I in their monthly income bonds, which is government run and backed.

However if you want the best rates, you'll end up splitting the money into chunks and using a variety of top paying current accounts for at least some of it (eg 3% at Santander, 4% at Lloyds etc).

Have you looked at the savings section of MSE? Do that, then read all the millions of forum threads where people ask what accounts to use for £x and keep getting the same answers, and come back with your own thread if you have questions.