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Short term Savings, less than 12 months
Dugout247
Posts: 1 Newbie
Hi everyone,
I am selling a property abroad and moving the cash back to UK to purchase a UK property. I already own a Property in UK which I live in but wish to purchase another with this sale. The amount is probably in excess of £200k and may sit in an account for 3 -12 months whilst searching/purchasing the new property.
Any advice where I could hold it to make some savings on it whilst we find a suitable property?
I am selling a property abroad and moving the cash back to UK to purchase a UK property. I already own a Property in UK which I live in but wish to purchase another with this sale. The amount is probably in excess of £200k and may sit in an account for 3 -12 months whilst searching/purchasing the new property.
Any advice where I could hold it to make some savings on it whilst we find a suitable property?
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Comments
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https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
you will need to open 3 accounts - initially you can exceed the £85k protection due to it being from a house sale but that is a temporary limit liftI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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All views are my own and not the official line of MoneySavingExpert.1 -
Or for so short a time, just use NS&I?0
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No, the FSCS temporary high balances provision only covers transactions relating to the main residence, so, as OP isn't selling his/her own home, the £85K limit applies throughout....MallyGirl said:
initially you can exceed the £85k protection due to it being from a house sale but that is a temporary limit lift
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