180k to invest for 6 months, but where?

Lynn107

I sold my house last Tuesday and relocated to a different part of the UK to be near my son & grandchildren. I am renting for 6 months until I find a property to buy and the sale proceeds of £180k are currently in my First Direct bank, 5k in my ISA and the rest in my e-saver. I have little understanding of investments & savings so could someone please advise on how I can maximise the interest as every penny now counts as I find myself on my own at a not so young age! Also, I understand that up to 85k is protected by the FSCS but as I have 180k should I have 3 different accounts with different banks, or is that being overly cautious?

AnotherJoe

Up To £1M from a house sale is protected for six months as an exception to the normal £85k limit, and NS&I have a £1M limit as well.
In your case you don't want "investments" which means stocks and shares you want savings.

For simplicity you can put it all in NS&I but you can always look around and see if you can find some accounts with instant access (not 1 year fixed periods) offering more than what they do. Look above at the savings links. 1.3% seems to be about the max you'll get.

Edit; A quick glance shows some accounts offering about 0.5% more than NS&I which my back of a fag packet calculation says is worth about £450 so perhaps look at the links above and split over a couple of the higher paying accounts.

aroominyork

Bank and Clients have a six month notice account paying 1.5%. There is nothing to stop you giving six months' notice the day after you open the account.

Thrugelmir

£50k can be lent to the Government and used to buy premium bonds.

Lynn107

But I'll need it in 6 months to buy a house. I don't understand how premium bonds work or the return...

Lynn107

Thankyou, but what is Bank and Clients?

Lynn107

Thank you, but what is Bank and Clients?

Lynn107

Thank you, can you please explain? I don't know what Bank and Clients is?

PeacefulWaters

Lynn107 wrote: »

But I'll need it in 6 months to buy a house. I don't understand how premium bonds work or the return...

You get no interest. But prizes instead. Typical return £50 a month on £50,000. Might get nothing. Might win £1m. Tax free.

Don't be afraid to research them.

Lynn107

Someone has suggested I put it into a Santander current account, is this possible? Would this be more beneficial than a savings account?

PeacefulWaters

Lynn107 wrote: »

Thank you, can you please explain? I don't know what Bank and Clients is?

It's a bank. Not one I've heard of.

http://www.bankandclients.com