Where to save equity post-divorce

alynns

I am unfortunately in the process of separating/divorcing and neither of us can afford to buy the other out. We will get about £90-95k each after the house sale but both of us will have to go into rental for a year or two to be able to build up a more robust deposit (both of us are in our 50's). Where would we put our respective £90ks without being penalised by tax (one ISA aside) and where we could add savings, perhaps on a monthly basis? I would prefer it in one place but I know Martin has the institutional threshold recommendation. We both bank with Lloyds. Any ideas? Thank you in advance.

george4064

Easy option: stick it all into a NS&I account (government backed so you can stick in as much as you want to and its fully protected under the faith of the British government).

More effort required: spread the money across various accounts to earn higher interest from this MSE savings account link: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Albermarle

I would prefer it in one place but I know Martin has the institutional threshold recommendation.

The compensation threshold is £85K , so I would not bother opening a new account because you are £5K over it .
If you were £50K over then it would be a sensible precaution.

System

£90-£100k gets a decent 2 bed house where I live. I sold a fully refurbished one with a large conservatory on the back for £107k, breaking the ceiling.

nick1234

If you live in south it sounds like ever buying a property again may be difficult? Maybe best to move abroad

[Deleted User]

nick1234 wrote: »

If you live in south it sounds like ever buying a property again may be difficult? Maybe best to move abroad

You so scared of the north, that you would rather recommend moving abroad instead?:D:D