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I need to bank £350k from house sale for 6-12 months...

jarble
Posts: 4 Newbie


Apologies..not sure if I’m doing this right as I’ve never joined the forum before but I am desperate for some advice. Myself and my husband are about to sell a property and will not be buying another straight away. We’re hoping to have around £350k which we want to put into the bank until we are ready to buy again. I’ve heard that you are only covered for up to £170k for a joint account per bank. And that each bank has to be owned by a different company? Can anyone help and offer advice as to what accounts I would need and which banks are owned by which company? Many thanks.
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Comments
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You could ask the government to look after it, by putting it with NS&I. Safer than in banks, and no upper limit.1
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Your best bet is to stick it all in NS&I Income Bonds. the full amount is covered by the UK Treasury and the 1.16% interest rate is pretty good compared to what private banks are offering.
If you really want to be adventurous you can put £50k each in Premium Bonds (also NS&I, also protected). For the timescales you're looking at I'd stick to Income Bonds though.
A lot of people are currently complaining about poor customer service from NS&I. If you can manage their website and do it all online though you shouldn't have an issue.2 -
That’s great, thank you both. I hadn’t even heard of NS&I! So glad I asked! 😊0
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You're actually covered for much more than £170,000 in a joint account as it's the result of a house sale.
See https://www.fscs.org.uk/how-we-work/temporary-high-balances/
Having said that, the NS&I Income Bonds account is competitive at the moment1 -
Wow! Just had a look. £1million for up or 12 months!! This forum is fab!0
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You could also scroll through a few pages of the forum as the same type of question as yours gets asked regularly. .1
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Put £50,000 in Premium Bonds and the rest in NS&I Income Bonds.
All 100% safe and a chance to win on the PBs0 -
The_Fat_Controller said:Put £50,000 in Premium Bonds and the rest in NS&I Income Bonds.
All 100% safe and a chance to win on the PBs
Now a gainfully employed bassist again - WooHoo!0 -
RobM99 said:The_Fat_Controller said:Put £50,000 in Premium Bonds and the rest in NS&I Income Bonds.
All 100% safe and a chance to win on the PBs1 -
Put it all into TSLA0
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