Bank Account

McHale_2

Hi we have sold our house but unfortunately the one we are buying will be delayed for 3 months could be longer, we have over £300,000 and we unsure where to deposit this cash until we need it for the property we are buying, our solicitors will not hold the money please help

LXdaddy

That amount of money is "easiest" to put in NS&I account paying monthly income. It's not a great interest rate but it is safe.


Held in other financial accounts it will be covered under the FSCS rules for short term significant events but you will struggle to find a single place to put it all and setting up all the interest paying credit accounts (which is a good idea) takes time.