Selling my home, best place to keep the funds

Natalie_1989

Hi, 
I’m looking for a little bit of advice, I’m in the process of selling my home. I have quite abit of equity in the property, but was wondering the best place to put this money when the sale has finalised. I have been reading online that current accounts are only insured for upto £75k and also only £20k can be deposited in ISA’s. 

I would also like access to this money easily because in future I would like to purchase another property. 

Any advice would be greatly appreciated. 

Thankyou 

colsten

Best to put it into NS&I Income Bonds, and may be some into Premium Bonds. With NS&I, you don't have to worry about a protection limit. 

I wouldn't bother with ISAs as the ISA rates are awful

DCFC79

Natalie_1989 said:

Hi, 
I’m looking for a little bit of advice, I’m in the process of selling my home. I have quite abit of equity in the property, but was wondering the best place to put this money when the sale has finalised. I have been reading online that current accounts are only insured for upto £75k and also only £20k can be deposited in ISA’s. 

I would also like access to this money easily because in future I would like to purchase another property. 

Any advice would be greatly appreciated. 

Thankyou 

I'm sure its been asked on here before.

Where are you getting £75k from, FSA say its £85k so depending on how much you have, why not split it so some in premium bonds, some in an ISA but I wouldn't keep a huge amount in a current account for a long period.

eskbanker

DCFC79 said:
Where are you getting £75k from, FSA say its £85k

They're maybe getting £75K from the same place as you got FSA, i.e. the past!  The regulator is now the FCA (since 2013) and it's FSCS that has the compensation limit, which is indeed £85K now, although there is a temporary high balances provision of £!m for up to six months for proceeds of selling your home so that can buy time for those in OP's situation.

colsten

DCFC79 said:

..... some in an ISA ......

Why?

DCFC79

eskbanker said:

DCFC79 said:
Where are you getting £75k from, FSA say its £85k

They're maybe getting £75K from the same place as you got FSA, i.e. the past!  The regulator is now the FCA (since 2013) and it's FSCS that has the compensation limit, which is indeed £85K now, although there is a temporary high balances provision of £!m for up to six months for proceeds of selling your home so that can buy time for those in OP's situation.

Well obviously I meant FCA, I got the info from MSE under the "Are my savings safe section". The money is covered by the FSCS.

DCFC79

colsten said:

DCFC79 said:

..... some in an ISA ......

Why?

Yes Colsten a bad suggestion from me.

RobM99

Santander ISA pays 0.01%   so there's one to avoid!

coachman12

Natalie_1989 said:

Hi, 
I’m looking for a little bit of advice, I’m in the process of selling my home. I have quite abit of equity in the property, but was wondering the best place to put this money when the sale has finalised. I have been reading online that current accounts are only insured for upto £75k and also only £20k can be deposited in ISA’s. 

I would also like access to this money easily because in future I would like to purchase another property. 

Any advice would be greatly appreciated. 

Thankyou 

Easy to answer : NS&I Easy Access Bond. Good luck.

happy_hazelnuts

and exactly what is an ns&i easy access bond?

eskbanker

coachman12 said:
Easy to answer : NS&I Easy Access Bond. Good luck.

happy_hazelnuts said:

and exactly what is an ns&i easy access bond?

There is no product called "NS&I Easy Access Bond", as implied by coachman's capitalised wording, but they do offer Income Bonds, which are (just about) easy access....