Best account to store money from house move

shenmue232

Hi, I'm selling my property soon, and going to be living with the in-laws for a couple of months.

I wanted to put the money from the sale into an account for two months to earn interest before I use it for the deposit in two months time for the new build property I'm buying.

Are there accounts that will pay interest monthly, and what accounts would give the maximum interest?

colsten

You won't be earning much interest in a couple of months. The safest place to keep over £85K in is NS&I. If it's less than that, you can use any bank or building society. http://www.moneysavingexpert.com/savings/

alanq

Bank and Building Society accounts are covered by FSCS for temporary high balances owing to "real estate transactions...relating to a depositor's main or only residence" for up to £1m for up to 6 months.

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

trailingspouse

And even if the accounts don't pay interest monthly, you'll still get the interest - either when you withdraw the money (if that results in you also closing the account) or when the interest would normally be paid (if you don't close the account).