Which new account not switching

Arbanax

Hi all
firstly thanks for your attention, I only have a small question and I wondered if I could call on the experts here.
My house is due to be sold and the money put into my account until I get a new mortgage and buy a new property. Since it's a large sum of money I want to open a second account with a different bank to get the payment protection. But I will not need the account to be open for more than say 3-6 months. Therefore can anyone tell me what sort of account they'd recommend for the purpose?

Thanks all

Ab

eskbanker

The FSCS protection scheme operates a temporary high balances mechanism, which means that balances of up to £1m are fully protected for up to six months if they relate to certain types of transaction, including property sales such as yours, see https://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-temporary-high-balances/ for details.

So, you don't need to open another account specifically for protection reasons, but you might find it worthwhile doing anyway, to maximise your interest return: check out the options at http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Arbanax

Brilliant thanks for that, just what I was hoping for by way of a knowledgeable opinion.

Thanks

DAve