Options for short term saving

iwannbejockmctavish

I will have £150,000 to save following the proceeds of a house sale. Is there any way to maximise interest in the short term? I anticipate I may have only 6-9 months to keep the amount untouched pending another house purchase. Thanks.

eskbanker

Realistically you're looking at easy-access savings accounts paying 1.5%, and splitting your pot across a couple of them to keep within the £85K FSCS protection limit, although initially there is a temporary high balances provision under which up to £1m can be protected in one account for up to six months, if relating to a high-value transaction such as the proceeds of a property sale.

Check out Marcus, Virgin and Kent Reliance at https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Alternatively, there are some notice accounts paying more, which may help given the time it takes to process a property purchase from start to finish: https://savingschampion.co.uk/best-buys/personal/notice-accounts/

Malthusian

Or if you don't want to bother with splitting between bank licences, NS&I Income Bonds pay 1.15% and are guaranteed by the UK Treasury up to £1 million.

iwannbejockmctavish

Thank you both for those pointers, I will look into the information provided.