What to do with large sum of cash short term between house buying/selling?

glasgowdan

It just dawned on me that, after selling our house in 4 weeks, we're going to have approx 240k cash in an account until we can find a new home, during which time we'll be renting. I know the bank will safeguard £150k of it in our joint account. Is there anything more wise that we should do for a few months? I really have no idea and didn't think of it until now!

EssexExile

Put the rest in an account in a different institution. We had the same unusual situation last time we moved (ie - lots of money). When we eventually bought the next house we stretched our finances as far as possible, like you do, but had totally forgotten the interest on that large amount. Life suddenly became easier.

YorkshireBoy

glasgowdan wrote: »

I know the bank will safeguard £150k of it in our joint account.

They'll (or rather the FSCS will) "safeguard" all of it, but only for 6 months...

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

diamonds

YorkshireBoy wrote: »

They'll (or rather the FSCS will) "safeguard" all of it, but only for 6 months...

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/

Well if you were backdated DWP/Tax Credits for disability...


'Disability or incapacity (state benefits)'
as a exclusion ?


That would be discrimination as back payments of disability premiums paid cannot be seen as savings (or accumulation for certain mental health issues, dementia and the like) for any means testing as the recipient was due them to spend as per payment was due not as the actual lump sum.

colsten

glasgowdan wrote: »

It just dawned on me that, after selling our house in 4 weeks, we're going to have approx 240k cash in an account until we can find a new home, during which time we'll be renting. I know the bank will safeguard £150k of it in our joint account. Is there anything more wise that we should do for a few months? I really have no idea and didn't think of it until now!

You could put it all into a single NS&I account, where it will be safe beyond 6 months.

Dan83

diamonds wrote: »

Well if you were backdated DWP/Tax Credits for disability...


'Disability or incapacity (state benefits)'
as a exclusion ?


That would be discrimination as back payments of disability premiums paid cannot be seen as savings (or accumulation for certain mental health issues, dementia and the like) for any means testing as the recipient was due them to spend as per payment was due not as the actual lump sum.

What has this got to do with having your money safe guarded for 6 month?

diamonds

Dan83 wrote: »

What has this got to do with having your money safe guarded for 6 month?

The link posted contradicts protections for disabled persons, I know because I stopped a local authority from taking a back haul of £40,000 DLA off a mentally medically retired BAE Systems employee who had a savings account with over a decade of DLA unused in a savings account. They had dementia. By the time I got involved they were living in what you see on Channel 4, he was walking through two feet of rubbish on the floor to get to the door.


Local authority wanted to take the £15000 over the care threshold, I applied given the account was never used and his early retirement mental condition led to further, ie dementia he did not know about this money whilst living at home in poverty on a small BAE System pension. Not even near state retirement age.


I cant remember what bit of legislation I used but I did. And won, his £40,000 is protected for tracing his estranged working daughter who had severe mental health conditions herself, bipolar I believe, works but at times breakdowns. His property will be used as his only asset, about £130,000, to fund care until it is dissolved to full DLA/social work/housing benefit/NHS expense.


Such, if more than £75000 was there in the circumstances it would be safe to say that could not be described unprotected if a back payment as per the link. That would come down to the individual circumstances and how protection of disability was applied to a case.



These things are good for people to know.

glasgowdan

diamonds wrote: »

These things are good for people to know.

And yet totally irrelevant, thanks.

diamonds

glasgowdan wrote: »

And yet totally irrelevant, thanks.

A link was posted that factually is incorrect. Obviously people deserve to know that and their protections, and stop government depts stealing from those who statutory employ them.


I only made a explanation of such a circumstance



Someone in 3 minutes, days, months or years from now might find that and be better for knowing such

colsten

diamonds wrote: »

A link was posted that factually is incorrect.

The link posted is not factually incorrect.

Although if you believe there is an error on the FSCS website because it doesn't cover an eventuality that is completely irrelevant to this particular thread and to the FSCS, you might wish to take up your concerns with the FSCS.

diamonds

colsten wrote: »

The link posted is not factually incorrect.

Although if you believe there is an error on the FSCS website because it doesn't cover an eventuality that is completely irrelevant to this particular thread and to the FSCS, you might wish to take up your concerns with the FSCS.

Anyone reading that link will not know protections afforded to the sick based on the info given.


Oh I will.