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.

Need Advice

Hi I’ve just sold my home and I need to know where’s the best place to put my money which is over 100k
please help 

Comments

  • Depending on how long it is until you will need it fixed term and/or notice accounts will offer a higher rate. 

    Normally you are only protected up to 85000 per institution but get Temporary protection for up to 6 months. https://www.fscs.org.uk/how-we-work/temporary-high-balances/

    Of course you can spilt between providers so each under 85000 or put it all in NSandI where all the balance is protected up by the treasury. 


    If you do not need the cash any time soon you should look into paying extra into pension, stocks and shares isas (Depending on age, Current situation etc) 
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    edited 12 June 2020 am30 8:08AM
    If the money is proceeds from a sale of your main residence up to £1million, it is covered by FSCS 'temporary high balance' protection for 6 months whichever UK bank account you put it in. After that time the protection in case of a bank going bust or not returning your money drops to £85k. 

    You can stick the money in NS&I which is backed by HM Treasury and wouldn't rely on FSCS, even after the 6 months is up. https://www.nsandi.com/income-bonds

    I'm assuming you are just looking to find a 'place to put my money' (implying you want a savings deposit) rather than making a long term investment for better growth with some risk of investment loss. Impossible to comment on every possible use for the money without further information about what you plan to do with it. Most banks give higher interest rates on longer-term fixed deposits, but that's no use if you want the money back next month.
  • Linton
    Linton Posts: 17,937 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    FSCS cover temporary cash from a house sale up to £1M for 6 months.  NS&I are completely guaranteed by the Government for any amount of money.  Also you have the option of using 2 or more separate banks.  Note that some banks are owned and registered by the same company and so for FSCS purposes they are regarded as a single bank. See here.
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
  • 254.1K 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.