Where to put 180k

bertsilver

I have £180k coming from a house sale, where can I put it for easy access if I need it.
We are thinking of moving so if we do I would need to get the money for the deposit.

george4064

You can compare instant access savings accounts here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Many people would suggest simply a NS&I account, which is backed by the British government. Link here: https://www.nsandi.com/

Also worth noting that you are protected by the temporary high balance FSCS protection as the cash is from a house sale, higher than the standard £85k FSCS protection. More info here: https://www.fscs.org.uk/news/protection/new-temporary-high-balances/

webjaved

george4064 wrote: »

You can compare instant access savings accounts here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Many people would suggest simply a NS&I account, which is backed by the British government. Link here: https://www.nsandi.com/

Also worth noting that you are protected by the temporary high balance FSCS protection as the cash is from a house sale, higher than the standard £85k FSCS protection. More info here: https://www.fscs.org.uk/news/protection/new-temporary-high-balances/

Is there any difference in say sticking that money into a Marcus account rather than NS&I?

colsten

webjaved wrote: »

Is there any difference in say sticking that money into a Marcus account rather than NS&I?

Yes. Several differences. The most obvious one is the interest rate. There are also different levels of protection, as george4064 mentioned.

bertsilver

george4064 wrote: »

You can compare instant access savings accounts here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Many people would suggest simply a NS&I account, which is backed by the British government. Link here: https://www.nsandi.com/

Also worth noting that you are protected by the temporary high balance FSCS protection as the cash is from a house sale, higher than the standard £85k FSCS protection. More info here: https://www.fscs.org.uk/news/protection/new-temporary-high-balances/

I was thinking about NS&I which like you say has full protection.
Might put £50k in premium bonds and rest in their saver account.

eskbanker

george4064 wrote: »

Also worth noting that you are protected by the temporary high balance FSCS protection as the cash is from a house sale, higher than the standard £85k FSCS protection. More info here: https://www.fscs.org.uk/news/protection/new-temporary-high-balances/

Although that article does indeed refer to 'a house sale', the actual rule, as per https://www.fscs.org.uk/how-we-work/temporary-high-balances/, is that such coverage is conditional on transactions "relating to your main residence only".

OP's reference to an apparently confirmed house sale, while concurrently only "thinking of moving", suggests that this money doesn't relate to their main residence....

Flugelhorn

If it is "we" are thinking of moving then do accounts have double the amount of protection if there are two people named?

Malkytheheed

Flugelhorn wrote: »

If it is "we" are thinking of moving then do accounts have double the amount of protection if there are two people named?

I belive joint accounts are protected to £170K https://www.fscs.org.uk/what-we-cover/
Spend the extea £10K on an EPIC holiday. go on. you know you want to