Where can I put my money to keep it safe

Pattyg

Hello,
I have sold my house, I have not found a new property and will be living with family temporarily. My question is I will have a lump sum and I wanted to put this somewhere safe so I can access it when I find a new property. I know there is only a certain amount that is safe in a banking institution and wondered what people would recommend?

cjv

Spread it around in current/instant access savings accounts, so you do not hold more than £85,000 with any one institution and your money will be safe, as the compensation scheme is per institution. Just be sure all the providers you choose are covered by FSCS

Some useful info here too: http://www.moneysavingexpert.com/savings/safe-savings

xylophone

Or just put the lot into NS&I Income Bonds.

chockydavid1983

You are covered for a 'temporary high balance' for 6 months.
Otherwise, split over a few accounts or put it all in NS&I.

Gadfium

Or search for the million other threads in this forum alone that all ask the exact same question....

MEM62

Safe from what?

EdGasketTheSecond

In NS&I the whole amount is protected. Put it in there.

eskbanker

Gadfium wrote: »

Or search for the million other threads in this forum alone that all ask the exact same question....

But it's only the first 85,000 that can be relied on as safe advice