Selling up - Where to store the cash?

rosie.heyward

Hi All,


My husband and I are moving across the country later this year for work. As we don't know the housing market in our new location of Manchester our plan is to sell our house here, and rent in Manc for a few months so we can get to know the area better before we buy a new house.


My question is, while we are renting what is the best thing to do with the money? Common sense tells me we should split it between a few banks to make sure it's all covered under the FSCS protections, and that we should be extracting as much interest from it as possible.
Is the best way to follow Martin's savings fountain, or is there a better way to deal with a larger amount (~£200k)?


Thanks in advance,


Rosie

doni

Following this...

We'll be in a similar situation. I was planning on putting it into a savings account but didn't remember a larger amount won't be covered.

We're planning on putting a little bit in premium bonds too - just for a bit of fun as we've been quite lucky on those.

Sorry that doesn't really help answer your question...hopefully someone more financially savvy will pop up.

theartfullodger

Savingstream pay 12%
https://savingstream.co.uk/loans/available

gregsayer

theartfullodger wrote: »

Savingstream pay 12%
https://savingstream.co.uk/loans/available

looks risky, cant see any reference to any offical regulator or protection, just "The Provision Fund does not guarantee loans or provide insurance against loss. In the event of a shortfall The Directors will consider any losses made by investors and may grant compensation at their discretion. You should be aware that your capital is at risk and interest payments are not guaranteed if a borrower defaults."


would you really put your capital in such as risky venture?

Linton

The safest place is National Savings, it is 100% guaranteed by the government with no upper limit.

poundsinbucks

I know odds have recently gone down, but did not stop us winning 3x £25 earlier this month with Premium Bonds . Upper limit is now £50,000. HTH.

Poundsinbucks x

AnotherJoe

I thought that money from house sales was protected for a larger amount for a set period to help with issues like this?

theartfullodger

gregsayer wrote: »

looks risky, cant see any reference to any offical regulator or protection, just "The Provision Fund does not guarantee loans or provide insurance against loss. In the event of a shortfall The Directors will consider any losses made by investors and may grant compensation at their discretion. You should be aware that your capital is at risk and interest payments are not guaranteed if a borrower defaults."


would you really put your capital in such as risky venture?

I DO put SOME of my capital there....

There is nowhere 100% safe: Not even UK government stuff. (War, Brexit, FK....).

IMHO spread your money across different areas, possibly even different countries (no I don't mean cameroonian "dodgy dave" schemes).

elverson

AnotherJoe wrote: »

I thought that money from house sales was protected for a larger amount for a set period to help with issues like this?

Correct, thanks to the EU.
http://www.fscs.org.uk/news/2015/july/new-protection-from-today-for-temporary-high-balances/

lincroft1710

Selling up - Where to store the cash?

I've got a safety deposit box you can use and it will be hidden in a very secret place.

If you want more orthodox but less fun ways, then just spread it around banks and NSI.

worried_jim

Stick it all in Lloyds bank shares- they cant go any lower (I hope) and should increase after the referendum.