We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Saving Equity From House Sale

We will be selling our property and then renting for probably 6-12 months + (moving to a new area so want to rent first before buying). We hopefully have equity exceeding £400k and so we are now looking into savings options. We don't want to rent out our current property.
We need easy access and risk free because we will be buying at some point which could be sooner than 12 months if we find the right property. I know there is protection up to £170k for joint accounts.
What would you recommend - should we open 3 regular savings accounts? As the amounts needed to be transferred will exceed the daily allowance, would my bank allow this if I speak to them and explain the situation? I don't want to have that amount of money in my bank account for too long - I've watched 'Years and Years'! 
Thanks.

Comments

  • Linton
    Linton Posts: 17,941 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    NS&I (National Savings) are 100% guaranteed by the government for any amount of money, offer an interest rate of 1% and can be fully accessed at any time also for any amount of money.  If you were to use a single normal bank your money would be fully guaranteed by FSCS as it comes from the sale of a house for which there are special arrangements.
  • eskbanker
    eskbanker Posts: 35,366 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Linton said:
    If you were to use a single normal bank your money would be fully guaranteed by FSCS as it comes from the sale of a house for which there are special arrangements.
    True, but OP should bear in mind that that FSCS temporary high balances protection only applies for up to six months....
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.