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Selling my house - what to do with the equity?!

Ksj150990
Ksj150990 Posts: 1 Newbie
in Savings & investments
I have agreed a sale on my flat and will soon be moving back to my parents for about 6 months. I will have about £60k equity from the flat and am concerned about it being in my normal bank account. Any suggestions with what to do with this money for 6 months before my new home is ready?

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    It's safe from the issue of the bank going bust, there's £1M six month added protection limit for money that came from inheritance or house sale.
    You might want though to look at something like Marcus to get 1.5% interest since I imagine your bank doesn't have that. I don't know the limit on how much you can put in a Marcus account.
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    AnotherJoe wrote: »
    It's safe from the issue of the bank going bust, there's £1M six month added protection limit for money that came from inheritance or house sale.

    OP is fine anyway as within normal £85k FSCS cash deposit protection limit.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Oops I misread it as £600k !
    So, just move it to Marcus OP.
  • EdGasketTheSecond
    EdGasketTheSecond Posts: 2,558 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    NS&I savings account?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    EdGasketTheSecond wrote: »
    NS&I savings account?


    Why? Its half a per cent less than Marcus for no benefits.

    I could see a gamble on PB's instead but like for like Marcus wins hands down.
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