Proceeds of house sale

blobbi

Hi, we are about to sell our home at the end of the month. We will have around £200k. We are looking for another place and have just had an offer accepted but it likely to take a few months to go through.

Where should we save the money in the interim?

Thanks in advance.

worried_jim

blobbi wrote: »

Hi, we are about to sell our home at the end of the month. We will have around £200k. We are looking for another place and have just had an offer accepted but it likely to take a few months to go through.

Where should we save the money in the interim?

Thanks in advance.

https://www.nsandi.com/direct-saver

blobbi

Thanks. So just a standard savings account, easy access. I guess no more than £75k (or whatever the amount covered by the FCS) in each account.

Alexland

In certain circumstances FSCS provide temporary high balance protection

https://www.fscs.org.uk/your-claim/temporary-high-balances/

Alex

Aretnap

blobbi wrote: »

Thanks. So just a standard savings account, easy access. I guess no more than £75k (or whatever the amount covered by the FCS) in each account.

NS&I is backed by the government so provides protection for amounts over the FSCS limit, at the cost of a slightly lower interest rate than the leading savings accounts.

Or as mentioned the. FSCS provides extra cover for short term high balances related to one off life events, like a house sale or inheritance.