Where is the best place to save money that I have received from the sale of my house?

craigcottingham · 7 June 2017 at 12:07AM

Hello!

So I am in the process of selling my house.

Once that has been finalised and everything is complete I am moving into my partners house as we are still waiting for our new build to finish being built (although realistically this is likely to be ready for us to move in this time next year - possibly a little sooner!).

Anyway, I am after a bit of advice as to where I could put the money from the sale of my house, to allow me to potentially save more towards a bigger deposit during the next 8-12months? This would need to be flexible to allow me to withdraw the money should the completion date drastically move forward.

I was thinking about opening two ISA's and putting £20k into each so that the total amount in each would increase from the interest on both accounts. To me this seems a little clumby, surely there is an easier way of doing this?

All I want to do is just try and generate as much extra money as possible through interest over the next 8-12months to help me save a bigger deposit than I currently have and as I have never sold a house before I would appreciate peoples advice.

Thank you!

alex_163163 · 7 June 2017 at 7:32AM

You could post on the savings board also, more people might be able to help you there.
But from my understanding, you can only pay a maximum of £20k per tax year into ISAs so you would only be able to open one. You will have to place the other £20k somewhere else.
Look on the savings account page on the MSE main site perhaps?

EachPenny · 7 June 2017 at 7:37AM

You would probably do better moving this question over to the savings and investments board - but try and avoid having the same question running in two different threads as that tends to annoy people.

The short answer to your question though is probably look for instant access savings account(s) paying 1% or 1.05%. You say you might need access to your money in the short-term and plans may change rapidly. Most other savings options paying higher rates of interest will either require the money to be locked away for a length of time, or else use complex arrangements of current accounts and regular savers which you haven't really got the time to take advantage of.