Best place to store £90K short-term?

funkybeatt

Just exchanged contracts on our flat but yet to find a new property to buy so moving in with family for the interim - likely 2-6 months.

Once we've completed the sale we'll have about £90K to sit on until we buy - where shall I put it?

worried_jim

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

TBC15

Why not https://www.marcus.co.uk/uk/en

AnotherJoe

Indeed, why forgo an extra half a percent, meagre as it might be ?

Alexland

worried_jim wrote: »

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

Probably not this time - the amount is so close to the £85k FSCS limit it's probably worth going with Marcus, etc for the higher rate. The OP and their partner could split the money across 2 individual accounts for full protection. Alternatively the £5k could go into Nationwide Flex Direct accounts at 5%.

Alex

eskbanker

Alexland wrote: »

the amount is so close to the £85k FSCS limit it's probably worth going with Marcus, etc for the higher rate. The OP and their partner could split the money across 2 individual accounts for full protection.

FSCS fully protects up to £1m for property sale proceeds for up to six months: https://www.fscs.org.uk/your-claim/temporary-high-balances/

Alexland

eskbanker wrote: »

FSCS fully protects up to £1m for property sale proceeds for up to six months: https://www.fscs.org.uk/your-claim/temporary-high-balances/

Yes if it was the OPs main residence and the money was still in the original account but I understood from a previous thread there was uncertainty on if the money was still covered to the higher limit if it was onward transfered into a savings account.

Alex

eskbanker

Alexland wrote: »

Yes if it was the OPs main residence

Indeed; OP certainly suggests that to be the case!

Alexland wrote: »

and the money was still in the original account but I understood from a previous thread there was uncertainty on if the money was still covered to the higher limit if it was onward transfered into a savings account.

I do recall some prior debate about it, involving contradictory info from FSCS employees, but the PRA rulebook on deposit protection does seem reasonably clear, if OP's £90K proceeds are moved intact into a dedicated savings account:

10.12 Where all or part of a temporary high balance is transferred to another DGS member after the start of the coverage period referred to in 10.7, the FSCS must pay compensation if it considers that the transferred deposit is sufficiently linked to the temporary high balance.

The coverage period in 10.7 shall be calculated by reference to the point at which the temporary high balance was credited to the first account.

webjaved

funkybeatt wrote: »

Just exchanged contracts on our flat but yet to find a new property to buy so moving in with family for the interim - likely 2-6 months.

Once we've completed the sale we'll have about £90K to sit on until we buy - where shall I put it?

If it was me, I'd stick it in an account with Marcus.