Where to 'rest' proceeds of property sale

virgil7

I'm due to exchange contracts in a couple of weeks and I can't find another property to buy [covid 19 hasn't helped!]
I'll have to rent somewhere for 6 months or so and I'm wondering where's the best place to put my money so I can get my hands on it when I eventually need it. Has to be risk free of course.

knightstyle

We put money in Virgin savings as they allow two withdrawals a year.  Friends bought gold and made more interest in a similar situation, BUT gold can decrease in value.

staffie1

I put mine into Premium bonds, post Office and income bonds. 

davidmcn

You're probably better to look at the bank account/savings sections of the website as this isn't really a property buying/selling question. 

anselld

virgil7 said:

I'm due to exchange contracts in a couple of weeks and I can't find another property to buy [covid 19 hasn't helped!]
I'll have to rent somewhere for 6 months or so and I'm wondering where's the best place to put my money so I can get my hands on it when I eventually need it. Has to be risk free of course.

NS&I Income Bonds 1.15%

virgil7

Thanks to all (You're probably better to look at the bank account/savings sections of the website as this isn't really a property buying/selling question) sorry about that.
NS&I Income Bonds 1.15% it is

theartfullodger

Your big gamble with the money is on what happens with house prices up/down between selling & buying.

Put some £££_ in Zopa 

csgohan4

Under your bed

greatcrested

Gold and stocks/shares are too risky for a short-term investment (less than 5 years).

A one (+) year fixed rate savings account won't give you the flexibility if you find a property.

So you need an instant access account or a notice account (eg 30 days notice).

Any bank account will give you up to £1m protection for 6 months for money from a property sale. Longer than that and it's limitedto £85K, except NS&I which offers unlimimited protection.

More on the savings forum here

jimbog

Be careful where you invest it as some investment schemes have frozen withdrawals during these uncertain times. Stick to low risk options such as standard high street savings accounts

ecraig

greatcrested said:

Gold and stocks/shares are too risky for a short-term investment (less than 5 years).

A one (+) year fixed rate savings account won't give you the flexibility if you find a property.

So you need an instant access account or a notice account (eg 30 days notice).

Any bank account will give you up to £1m protection for 6 months for money from a property sale. Longer than that and it's limitedto £85K, except NS&I which offers unlimimited protection.

More on the savings forum here

Disagree. Now is a great time to buy some stocks to keep for no more than 1-2 months.  IF you choose the right ones and monitor closely and don’t get greedy. 
There have been some terrific stocks bouncing like crazy - easy to make a decent % return.