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

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

  • John_
    John_ Posts: 925 Forumite
    500 Posts Name Dropper
    You could ask the government to look after it, by putting it with NS&I. Safer than in banks, and no upper limit.
  • El_Torro
    El_Torro Posts: 1,714 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    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.
  • That’s great, thank you both.  I hadn’t even heard of NS&I!  So glad I asked!  😊
  • gt94sss2
    gt94sss2 Posts: 5,953 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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 moment
  • Wow! Just had a look. £1million for up or 12 months!! This forum is fab! 
  • Albermarle
    Albermarle Posts: 25,946 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    edited 25 August 2020 at 9:04AM
    You could also scroll through a few pages of the forum as the same type of question as yours gets asked regularly. .
  • 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
  • RobM99
    RobM99 Posts: 2,640 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    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
    ...and it doesn't get much better! Only caveat - tax on interest might be payable so be aware of that possibility.

    Now a gainfully employed bassist again - WooHoo!
  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    RobM99 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
    ...and it doesn't get much better! Only caveat - tax on interest might be payable so be aware of that possibility.

    But not on the premium bond wins.
  • Put it all into TSLA  ;)
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