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House sale - where to put money?

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simonp
simonp Posts: 108 Forumite
Part of the Furniture 10 Posts
in House buying, renting & selling
Just about to complete my house sale and as I’m going to rent for 6-12 months I’m going to have several hundred thousand pounds to look after for a while. 

I have a Marcus savings account and was going to stick it all in there. Is that safe enough? Do I need to open accounts with other providers and spread it around for safety? Or is that overkill?

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    NS&I pay more than Marcus currently do (AFAICR) and don't have the £85k limit, so I'd  put it in there. 
  • xylophone
    xylophone Posts: 45,598 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 21 July 2020 at 7:55AM
    https://www.nsandi.com/income-bonds
    You could then pay the interest into Marcus.
  • simonp
    simonp Posts: 108 Forumite
    Part of the Furniture 10 Posts
    Thanks both - good advice and wasn't aware of the no limit. Might also chuck £50k into premium bonds!
  • xylophone
    xylophone Posts: 45,598 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Might also chuck £50k into premium bonds!

    Good Luck! :)

  • theartfullodger
    theartfullodger Posts: 15,686 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Just lend it all to me; I GUARANTEE to get better returns for you than from anywhere else!  It's a bit complicated, so I won't bother explaining how...

    Cheers!

    Artful: The Pyramids: Cairo.
  • jonnygee2
    jonnygee2 Posts: 2,086 Forumite
    1,000 Posts Second Anniversary Name Dropper Combo Breaker
    Given current realities it is definitely not overkill to make sure the money is protected.

    For money from house sales, up to £1 million will be protected for up to six months in any bank account with FSCS protection.
    For longer than 6 months NS&I is good. 
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