Where to save money from selling a house?

dllive

Hi,
Ive sold a house and obviously need to find the best savings account for the 6 figure sum. I wont need access to it for a couple of years, so happy to lock it away in a fixed account somewhere. I need it covered by the FSCS (Im mindful that the FSCS only cover £80k per account[?]). Any suggestion gratefully received.
Thanks

colsten

https://moneyfacts.co.uk/

Normal accounts have £85k per person FSCS cover. NS&I have up to £2m per account.

Interest rates are dire across the board. You might want to try your luck with £50k in Premium Bonds.

AnotherJoe

NS&I and I agree £50k in PB's. 

george4064

In addition to the above replies, I would add that provided you meet the criteria (see link below) you are covered for up to £1m for up to six months under the FSCS 'Temporary high balances' protection. See more here: https://www.fscs.org.uk/how-we-work/temporary-high-balances/

FSCS protects temporary high balances in your bank account of up to £1million for up to six months. The protection begins from the date the temporary high balance is credited to an individual depositor's account, or to a client's account on an individual's behalf. This date may be earlier than the date the temporary high balance was credited to your account with the failed firm. You don't need to tell us if you have a balance higher than £85,000.

Certain life events could have caused a temporary high balance in your bank account, including:

• Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only).
• and more......

dllive

Thanks guys.
Perhaps I will take a punt with £50k on the PB's. Like you say, nothing to lose.

ProDave

george4064 said:

In addition to the above replies, I would add that provided you meet the criteria (see link below) you are covered for up to £1m for up to six months under the FSCS 'Temporary high balances' protection. See more here: https://www.fscs.org.uk/how-we-work/temporary-high-balances/

FSCS protects temporary high balances in your bank account of up to £1million for up to six months. The protection begins from the date the temporary high balance is credited to an individual depositor's account, or to a client's account on an individual's behalf. This date may be earlier than the date the temporary high balance was credited to your account with the failed firm. You don't need to tell us if you have a balance higher than £85,000.

Certain life events could have caused a temporary high balance in your bank account, including:

• Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only).
• and more......

Oh that's a nasty clause.

So when I eventually sell our BTL (formerly our main residence) I should instruct the solicitor to distribute the proceeds in £85k lots into different accounts.

OR distribute it myself PDQ

dllive

ProDave said:

george4064 said:

......

Certain life events could have caused a temporary high balance in your bank account, including:

• Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only).
• and more......

Oh that's a nasty clause.

So when I eventually sell our BTL (formerly our main residence) I should instruct the solicitor to distribute the proceeds in £85k lots into different accounts.

OR distribute it myself PDQ

I didnt even notice that! The property I sold was a BTL!

MovingForwards

@ProDave if your solicitor is charging you to send the money to your account, you won't want to get charged for sending the money to different accounts. Just get it to yours and start moving it.