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Temporary savings for House Sale proceeds
Lberta
Posts: 1 Newbie
Hi all
This is my first post so please be kind to me! :A
I am selling my property (hopefully) in Surrey and moving up to Yorkshire but I intend to rent initially and want some advice on where to save the proceeds from my house for a period of up to 1 year.
I understand the maximum guaranteed in any account by banks/building society's is £85k so would you split the proceeds across multiple accounts?
Any other recommendations/advice gratefully received.
Thanks all :j
This is my first post so please be kind to me! :A
I am selling my property (hopefully) in Surrey and moving up to Yorkshire but I intend to rent initially and want some advice on where to save the proceeds from my house for a period of up to 1 year.
I understand the maximum guaranteed in any account by banks/building society's is £85k so would you split the proceeds across multiple accounts?
Any other recommendations/advice gratefully received.
Thanks all :j
0
Comments
-
If you'd rather keep the money in one account then NS&I is the only secure alternative.
Maximum £1M or £2M depending on account chosen.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0 -
FSCS covers £1m for six months in these circumstances.
https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/0
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