Large sum from house sale, best savings plan

mjlondon

Hi

I am just about to complete the sale of my property and am going to be renting for the next 12 months or so before buying another one. This will leave me with 500k or thereabouts (the equity in my current property) that I need to put into a savings account/s for the 12 months.

Am I best just splitting the amount up and putting it into 4/5 accounts across different institutions, if so any advice on which ones? Or if there a better way to use this money whilst it’s not in a house?

Thanks
MJ

colsten

You can split it up if you fancy, or put it all into NS&I as you get full protection for the entire sum in NS&I.

Some people try their luck with £50k in Premium Bonds, too. Some of the top savings accounts are listed here. It might also worth checking Hargreaves Landsdown Active Savings for 3, 6 or 9 months fixed rates. Raisin may do similar. You'd have to split your money into £85k chunks if you went with non-NS&I savings accounts (or £170k if you can do joint accounts)

EDIT: Raisin have a couple of nice notice accounts, and they pay you a [STRIKE]bribe[/STRIKE] welcome bonus of up to £100 on some of them.